BitMine’s chairman, Tom Lee, has announced that the company engaged in an extensive buying campaign for Ether following a major deleveraging event in the crypto market earlier this month.
“Current open interest for ETH mirrors levels seen on June 30th of this year, when ETH was priced at $2,500. Given the anticipated Supercycle for Ethereum, this price dislocation presents an appealing risk/reward opportunity,” he stated on Monday.
On Monday, BitMine acquired an additional $250 million in Ether (ETH) from crypto exchanges Bitgo and Kraken, according to analytics platform Arkham Intelligence.
This acquisition places BitMine more than halfway toward its goal of controlling 5% of Ether’s overall token supply, with its total Ether holdings exceeding 3.3 million tokens valued at over $13 billion, equating to 2.74% of the total supply.
Lee expressed several optimistic views about Ether during the company’s recent buying initiative.
During an episode of the Bankless podcast last Wednesday, Lee reaffirmed his prediction that Ether could reach $10,000 this year, despite only a little over two months remaining. To meet this target, Ether would need to rise 150% from its price of $3,986 on Monday.
BitMine stock on the rise
BitMine’s stock (BMNR) surged up 7.92% to $53.80 on Monday. Over the last six months, the company’s stock has appreciated over 691%.
“BitMine is consistently attracting institutional investor interest due to our high liquidity. The combined share of trading volume for BitMine and MSTR now represents 88% of all global DAT trading,” Lee remarked.
BitMine reigns as the largest Ether company
BitMine stands as the largest Ether treasury company, dwarfing the next publicly listed holder, SharpLink Gaming, with a total of 840,012 tokens, according to StrategicETHReserves.
Related: BitMine’s Lee calls ETH a ‘discount to the future,’ Bit Digital eyes $100M
Throughout 2025, institutions have increasingly purchased Ether, with total holdings across treasury companies exceeding 5.74 million tokens, constituting 4.75% of the total supply.
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