Chairman of BitMine, Tom Lee, has confirmed that the company engaged in an Ether purchasing spree following a significant deleveraging event in the crypto market earlier this month.
“Open interest for ETH is at levels similar to those observed on June 30th of this year, when ETH was $2,500. Given the anticipated Supercycle for Ethereum, this price dislocation presents an appealing risk/reward situation,” he stated in a statement on Monday.
On Monday, BitMine acquired an additional $250 million worth of Ether (ETH) from crypto exchanges Bitgo and Kraken, according to the blockchain analytics platform Arkham Intelligence.
This latest purchase brings BitMine closer to its ambition of holding 5% of Ether’s total token supply, now owning over 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 spree last week.
During an episode of the Bankless podcast last Wednesday, Lee reiterated his prediction of Ether reaching $10,000 this year, despite only a little over two months left. For Lee’s target to be met, Ether would need to rise 150% from its price of $3,986 on Monday.
BitMine stock surges
BitMine’s stock (BMNR) surged by 7.92% to $53.80 on Monday. Over the last six months, the stock has increased by more than 691%.
“BitMine continues to attract institutional investor capital as our high liquidity is attractive. Together, BitMine and MSTR account for 88% of all global DAT trading volume,” Lee remarked.
BitMine holds the title as the largest Ether firm
BitMine is undeniably the largest Ether treasury company, with the nearest publicly listed holdings being from SharpLink Gaming, which totals 840,012 tokens, according to StrategicETHReserves.
Related: BitMine’s Lee views ETH as a ‘discount to the future’; Bit Digital aims for $100M
Throughout 2025, institutions have consistently been acquiring Ether, with total treasury holdings exceeding 5.74 million ETH, which represents 4.75% of the supply.
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