Significant Increase in Ether Accumulation
BitMine's digital treasury continues to expand, with its latest weekly Ether acquisition showing a substantial 34% increase compared to the preceding week. This sustained accumulation highlights the company's ongoing strategy in the cryptocurrency market.
BitMine Immersion Technologies announced the purchase of 110,288 Ether (ETH) on Monday. This acquisition brings their total holdings to 3,505,723 ETH, acquired at an average price of $3,639 per token.
Strategic Buying Opportunity and Industry Outlook
In conjunction with the announcement, BitMine's chairman, Tom Lee, commented on the recent dip in ETH prices, characterizing it as an "attractive opportunity" for the firm. He further emphasized the growing adoption of Ethereum on Wall Street, noting the increasing interest in tokenizing assets on the blockchain.
“To me, it is evident that Wall Street is very interested in tokenizing assets onto the blockchain, creating greater transparency and unlocking new value for issuers and investors. This is the key fundamental story and supports our view that Ethereum is a super cycle story over the next decade.”
BitMine's Position as a Leading Ethereum Treasury
Originally founded as a cryptocurrency mining company, BitMine Immersion Technologies has evolved to become the largest Ethereum treasury company. Its current ETH holdings are valued at approximately $12.5 billion.
The company has set an ambitious goal of owning 5% of the total Ethereum supply, which stands at 120,696,594 ETH. The recent purchase has brought their stake up to 2.9% of the total supply.
Bullish Price Predictions for ETH
Tom Lee, also a co-founder of the financial research firm Fundstrat, maintains a highly optimistic outlook on the future price potential of ETH. In mid-October, Lee projected that ETH would reach between $10,000 and $12,000 before the end of 2025.
At the time of writing, ETH is trading at $3,561. This represents a 13.4% decrease over the past two weeks and a 4.7% decline in the last 30 days. Consequently, BitMine's current treasury is operating at a loss, and the price needs to increase by 180% before the end of December to meet Lee's $10,000 price target for 2025.
Strong Performance of BitMine Stock
In parallel to its cryptocurrency holdings, BitMine's stock, BMNR, has demonstrated remarkable market performance. Year-to-date, the stock has surged by over 400%, reaching $41.15 at the time of this report.