BitMine Purchases $65M Worth of Ethereum

BitMine Immersion Technologies has made another bold move into Ethereum, buying $65 million worth of ETH for its treasury this week. The purchase, completed through six transactions via Galaxy Digital’s OTC desk, marks the company’s first ETH acquisition this month, according to Arkham Intelligence.

The move comes as Ethereum reserves on centralized exchanges fall to a three-year low, with supply shrinking 38% since 2022. Corporate treasuries and exchange-traded funds have been absorbing the market, creating a growing scarcity that could push prices higher. BitMine now controls more than 1.5% of Ethereum’s circulating supply, with all purchases made in cash rather than leverage, the company confirmed.

Shares of BitMine (BMNR) reacted positively, closing at $44.86 on Wednesday, up 5.58% for the day. Despite a slight after-hours dip to $44.62, BMNR remains one of the most traded stocks in the U.S., with average volumes above 50 million shares. The stock is still up over 500% year-to-date, although well below its July high of $135.

Adding to the buzz, speculation is swirling that analyst Tom Lee may soon appear on The Joe Rogan Experience, potentially putting both Ethereum and BitMine in front of millions of new eyes. Lee already reiterated his long-term $60,000 ETH price target during a podcast appearance this week, calling Ethereum’s rise a potential “1971 moment” for Wall Street — a reference to Nixon’s historic economic shift that triggered record trading activity.

Lee argues that companies holding ETH treasuries should trade at a premium, since staking rewards can significantly boost value. With ETFs unable to stake their full holdings due to liquidity constraints, Lee believes firms like BitMine have a unique edge in the race for Ethereum dominance.