tl;dr
BitMine Immersion Technologies, the largest corporate holder of Ether, has purchased $65 million worth of ETH through six over-the-counter transactions with Galaxy Digital, marking its first major acquisition of the year. The move comes as Ether reserves on exchanges reach a three-year low, signal...
BitMine Immersion Technologies, the largest corporate holder of Ether, is making waves in the crypto world with a bold $65 million ETH purchase this week. The move, executed through six over-the-counter transactions via Galaxy Digital, marks the company’s first major acquisition of the year—and it’s not just a numbers game. With Ether reserves on centralized exchanges hitting a three-year low, BitMine’s purchase adds fuel to a growing narrative: institutional investors are betting big on Ethereum’s future.
The timing is no coincidence. Since 2022, Ether’s supply on exchanges has shrunk by 38%, in part due to corporate treasuries like BitMine’s and the rise of Ethereum ETFs siphoning liquidity. BitMine’s latest move positions it as a major player, now holding over 1.5% of Ethereum’s circulating supply. And here’s the kicker: the company insists it didn’t use leverage. “All ETH is spot purchases with cash,” a BitMine rep confirmed, underlining the company’s confidence in the asset’s long-term value.
Meanwhile, BitMine’s stock (BMNR) is on a rollercoaster. Shares surged 5.58% on Wednesday, closing at $44.86, but dipped slightly in after-hours trading to $44.62. Despite a staggering 540% gain this year, the stock is still down 67% from its July peak of $135. Yet, with an average daily trading volume of over 50 million shares, BMNR remains one of the most actively traded stocks—a sign of investor intrigue, even amid volatility.
Adding to the buzz, rumors swirl that Tom Lee, the influential crypto analyst, may soon appear on *The Joe Rogan Experience* podcast. With 20 million YouTube subscribers, the potential exposure could amplify interest in both BitMine and Ethereum. And Lee isn’t holding back. On Wednesday, he reiterated his long-term $60,000 price target for ETH, drawing a parallel to the historic “1971 moment” when Wall Street’s shift to crypto could unlock unprecedented value.
Lee’s argument hinges on a simple premise: if Wall Street moves “onto crypto rails,” Ethereum stands to gain. He compared the transition to the 1971 New York Stock Market crash, which triggered a surge in trading volume as Nixon’s economic policies reshaped markets. “Ethereum won’t be just the only winner, but one of the primary winners,” Lee told *Level Up*, emphasizing that companies holding ETH treasuries could trade at a premium.
Why? Because staking ETH generates a 3% annual reward, which Lee claims could add 90% value to a company’s treasury—effectively multiplying its worth by 1.9. BitMine currently trades at a 1.13 multiplier, according to Strategic ETH Reserve, leaving room for growth. Meanwhile, ETFs face hurdles: liquidity constraints prevent them from fully staking their ETH holdings, limiting their upside.
So, what does this mean for investors? BitMine’s aggressive ETH buying, coupled with Lee’s bullish forecasts, paints a picture of Ethereum as a cornerstone of the next financial revolution. But with the stock’s recent volatility and the crypto market’s inherent risks, the question remains: is this the “1971 moment” Lee predicts—or a fleeting spike in a still-uncertain landscape?
One thing’s clear: BitMine and Ethereum are in the spotlight, and the next move could define their trajectories.