TL;DR
- BitMine Immersion Technologies strengthened its Ethereum position with a $65 million purchase executed in six OTC transactions, increasing its corporate treasury exposure.
- Ether’s circulating supply on centralized exchanges has fallen to a three-year low, amplifying scarcity pressure.
- Chairman Tom Lee reaffirmed his $60,000 ETH price target, comparing Wall Street’s growing interest in Ethereum to a “1971 moment” for financial markets.
BitMine Immersion Technologies has once again reaffirmed its stance as the largest corporate holder of Ethereum after acquiring $65 million worth of ETH on Thursday. The move underscores the company’s long-term conviction in Ethereum’s role within global finance, as it continues to build one of the most influential corporate treasuries in the digital asset space.
The latest acquisition was executed through Galaxy Digital’s over-the-counter desk in six separate transactions, according to Arkham Intelligence. Importantly, BitMine confirmed that the purchase was made entirely with cash, without resorting to leverage, signaling a deliberate strategy aimed at long-term security rather than short-term speculation. The company now controls more than 1.5% of Ethereum’s total circulating supply.
Ethereum Scarcity Strengthens Market Dynamics
Ether reserves on centralized exchanges are now at their lowest point in three years, with supply shrinking by nearly 40% since 2022. Institutional treasuries and ETFs have been instrumental in this trend, accelerating Ethereum’s scarcity at a time when demand continues to climb.
Shares of BitMine Immersion Technologies closed Thursday’s session at $44.86, a daily gain of more than 5%, though the stock remains well below its July high of $135. Trading volumes remain elevated, highlighting strong investor attention on the company’s strategic positioning in the digital asset market.
Rumors also suggest that chairman Tom Lee could appear on The Joe Rogan Experience, a podcast with over 20 million subscribers. Such an appearance would further amplify public awareness of Ethereum’s institutional adoption and BitMine’s role in this transformation.
Tom Lee Reaffirms Long-Term Price Outlook
Speaking on the Medici Presents: Level Up podcast, Lee restated his conviction that Ethereum could reach $60,000 over the long term. He drew parallels between Wall Street’s current move into digital assets and the pivotal year 1971 in financial history, when U.S. markets experienced record growth following monetary policy shifts.
Lee argued that publicly traded companies holding Ethereum enjoy a structural advantage over ETFs, since corporate treasuries can stake their ETH and generate rewards of about 3%. This, he claimed, justifies a higher valuation multiple compared to ETFs that cannot fully stake their holdings due to liquidity rules.
