BitMine Chairman Tom Lee has confirmed that the corporate has gone on an Ether buying spree after the crypto market experienced one in every of its most important deleveraging events earlier this month.
“Open interest for ETH is at the identical level as on June 30 this yr, ETH was at $2,500. Given the expected super cycle for Ethereum, this price change represents a beautiful risk-reward ratio,” he said in an announcement on Monday.
Source: Arkham
BitMine purchased one other $250 million in Ether (ETH) from crypto exchanges Bitgo and Kraken on Monday, in accordance with blockchain analytics platform Arkham Intelligence.
This means BitMine is now greater than halfway to its goal of holding 5% of Ether's total token supply, with total Ether holdings now standing at over 3.3 million tokens valued at over $13 billion, representing 2.74% of the whole supply.
Lee made several bullish statements about Ether in the course of the company's buying spree last week.
During an episode of the Bankless podcast last Wednesday, Lee stood by his prediction that Ether will hit $10,000 this yr, although there remains to be just over two months left. To reach Lee's goal, the value would want to rise 150% from $3,986 on Monday.
BitMine shares on the rise
BitMine (BMNR) shares rose 7.92% on Monday to trade at $53.80. Over the past six months, the corporate's stock has risen over 691%.
“BitMine continues to draw institutional investor capital as our high liquidity is attractive. The combined trading volume share of BitMine and MSTR is now 88% of total global DAT trading volume,” Lee said.
BitMine is the biggest Ether company
According to StrategicETHReserves, BitMine is by far the biggest Ether treasury company, with SharpLink Gaming holding the subsequent closest listed holding with a complete of 840,012 tokens.
Institutions have been steadily acquiring Ether throughout 2025, with the whole across all treasury corporations standing at over 5.74 million ETH, representing 4.75% of the availability.
