- Tom Lee-chaired Bitmine added 27,316 Ethereum in its treasury, raising its ETH reserves to 3.34 million.
Bitmine Immersion Technologies (BMNR), a blockchain company traded on the New York Stock Exchange (NYSE), recently capitalized on the significantly lower price of Ethereum (ETH) compared to its all-time high of nearly $5,000 per token two months ago.
Bitmine Scoops 27,316 Ethereum
According to Arkham data, a wallet belonging to Bitmine scooped up around 27,316 ETH on Tuesday evening (UTC) for $113.12 million. The transaction came at an average of $4,141 per token as ETH hovered between a $3,940.83 low and a $4,173.51 high in the last 24 hours.
A closer scrutiny of the logs of the wallet associated with Bitmine reveals that the BitGo platform facilitated the transaction. It came with only a $0.15 gas fee at 0.3239 GWEI.
The company’s move underscores the long-term bullish outlook of institutions on Ethereum. Additionally, it signals the confidence of veteran trader Tom Lee, co-founder of Fundstrat and chairman of Bitmine, in the leading smart contract platform.
The latest acquisition adds to the company’s 3.31 million ETH holdings, worth roughly $13.5 billion, based on its disclosure on Monday.
Tom Lee’s Ethereum Prediction
Bitmine’s new Ethereum purchase comes hot on the heels of its chairman’s warning about the fading hype on digital asset treasuries (DATs) over a week ago. Lee notably cautioned investors on the cooling sentiment around these companies due to the significant market corrections in the past few weeks. The worst by far was the $19 billion liquidations in early October after US President Donald Trump’s threats of extra trade sanctions toward China.
Lee claimed that the event’s cascading effect led to many DATs trading within or below their Net Asset Value (NAV). Markus Thielen, CEO and Head of Research of 10x Research, also shared the same findings.
Nonetheless, Lee has been unwavering in his conviction on the long-term potential of ETH, owing to its solid fundamentals. The Ethereum chain is undergoing a vital overhaul as it prepares for the mainnet launch of the Fusaka upgrade by December.
Lee has had various forecasts for Ethereum, but the most recent was his prediction that it’s about to get to its “ChatGPT moment,” meaning its unprecedented level of adoption. He said the event could propel the asset to $15K per token by year’s end.
