BitMine chairman Tom Lee has announced that the company embarked on an Ether acquisition journey following a significant deleveraging event in the crypto market earlier this month.
“Open interest for ETH aligns with the 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,” he stated in a statement on Monday.
On Monday, BitMine acquired an additional $250 million worth of Ether (ETH) from cryptocurrency exchanges Bitgo and Kraken, according to blockchain analytics platform Arkham Intelligence.
This further propels BitMine toward its ambition of securing 5% of Ether’s overall token supply, with its Ether holdings now exceeding 3.3 million tokens valued at over $13 billion, representing 2.74% of the total supply.
Lee made several optimistic remarks regarding Ether during the company’s purchasing activity last week.
During a recent episode of the Bankless podcast last Wednesday, Lee reaffirmed his prediction for Ether to reach $10,000 this year, even with just over two months left in the year. To achieve his target, it must rise 150% from its Monday price of $3,986.
BitMine stock on the rise
BitMine’s stock (BMNR) surged up 7.92% to $53.80 on Monday. Over the past six months, the company’s stock has skyrocketed by over 691%.
“BitMine continues to attract capital from institutional investors, as our high liquidity is enticing. Together with MSTR, BitMine represents 88% of all global DAT trading volume,” Lee noted.
BitMine reigns as the largest Ether company
BitMine is currently the largest Ether treasury company, with the next largest publicly listed stash held by SharpLink Gaming, totaling 840,012 tokens, according to StrategicETHReserves.
Related: BitMine’s Lee calls ETH a ‘discount to the future,’ Bit Digital eyes $100M
Institutions have been consistently acquiring Ether throughout 2025, with the total across treasury companies surpassing 5.74 million ETH, accounting for 4.75% of the supply.
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