BitMine Immersion Technologies, the largest corporate holder of Ether, added $65 million worth of ETH to its treasury on Thursday, marking its first purchase this month.
The acquisition was executed through six transactions on Galaxy Digital’s over-the-counter desk, data from blockchain analytics firm Arkham Intelligence shows.
BitMine’s latest $65 million Ether purchase comes amid shrinking reserves across centralized exchanges, which have dropped to a three-year low. Since 2022, available ETH supply has declined 38%, driven largely by corporate treasury allocations and demand from exchange-traded funds.
A BitMine representative told Cointelegraph on Tuesday that the company used no leverage in its latest acquisition, confirming that “all ETH is spot purchases with cash.” BitMine now holds more than 1.5% of Ethereum’s circulating supply.
BitMine Stock Gains Ground
Shares of BitMine Immersion Technologies (BMNR) closed Wednesday’s session at $44.86, up 5.58%, according to Google Finance. After-hours trading saw a slight pullback of 0.54%, with the stock ending at $44.62.
Despite a 540% year-to-date surge, BMNR remains down nearly 67% from its July 3 peak of $135. Trading activity, however, remains robust. One X user noted Wednesday that BMNR ranks among the most heavily traded stocks, with a 10-day average volume of 51.07 million shares compared to a 30-day average of 54.96 million.
Adding to the buzz, rumors are circulating that Tom Lee may appear on The Joe Rogan Experience, which has more than 20 million YouTube subscribers—potentially bringing fresh attention to both BitMine and Ethereum.
Tom Lee Reaffirms $60K ETH Target
During Wednesday’s Medici Presents: Level Up podcast, Tom Lee reiterated his long-term Ethereum price target of $60,000, calling Wall Street’s growing interest in ETH a potential “1971 moment.”
Lee referenced Aug. 17, 1971, when U.S. President Richard Nixon froze wages and prices for 90 days, sparking a record-breaking rally in the New York Stock Market. He suggested Ethereum could be on the cusp of a similarly transformative era as institutional adoption accelerates.
“Wall Street moving onto crypto rails, I think, is like a 1971 moment for Ethereum,” Lee told co-host David Grider. “It’s creating enormous opportunities to move a lot of things onto the blockchain. And Ethereum won’t be the only winner, but it’s one of the primary winners.”
Lee argued that publicly traded companies with ETH treasuries should command a premium, since they can stake their holdings to earn rewards—a benefit ETFs can’t fully capture due to liquidity requirements. With Ethereum’s 3% staking yield, Lee estimates this adds a 90% value uplift to corporate ETH treasuries, implying a valuation multiplier of 1.9.
Currently, BitMine’s mNav trades at a 1.13 multiplier, according to Strategic ETH Reserve.
“ETFs can’t fully stake because of liquidity constraints,” Lee added. “So they’ll never achieve the proper multiple for their holdings.”
