Bitmine Immersion accelerates ETH accumulation with $354.6M purchase
Bitmine Immersion has added 78,791 ETH to its treasury, bringing the total holdings to nearly 1.8 million ETH.
- Bitmine Immersion spent $354.6 million to acquire 78,791 ETH, raising total holdings to 1,792,960 ETH, valued over $8 billion.
- The company aims to hold 5% of Ethereum’s total supply.
- Tom Lee predicts ETH could hit $5,500 and potentially surge to $10,000–$16,000 by year-end.
- Strategic pivot from Bitcoin to Ethereum was announced in late June, backed by a $250 million capital raise.
Bitmine Immersion has added 78,791 Ethereum ( ETH ) to its holdings, spending approximately $354.6 million. The purchase brings the firm’s total Ethereum holdings to 1,792,960 ETH, valued at over $8 billion as ETH trades around $4,400. It also brings Bitmine closer to its stated goal of acquiring 5% of the total ETH supply .
This latest buy continues Bitmine Immersion’s aggressive Ethereum accumulation strategy. The publicly-traded company, under the leadership of Tom Lee , announced its strategic pivot from Bitcoin ( BTC ) mining to Ethereum accumulation in late June. That move was marked by a $250 million capital raise aimed at purchasing Ethereum as the company’s primary treasury reserve asset. The announcement led to a 3000% surge in BitMine’s stock price.
Bitmine Immersion leads institutional ETH accumulation
Bitmine Immersion’s pivot to ETH accumulation reflects the growing institutional interest in Ethereum this bull cycle. The trend contrasts sharply with the previous cycle, when ETH largely lacked significant corporate or institutional treasury backing.
Alongside Bitmine, other publicly traded ETH treasury firms, including SharpLink Gaming (SBET) and BTCS Inc. (BTCS), are seeing similar momentum.
Source: crypto.news
Analysts suggest that ETH treasury stocks may offer more compelling valuations and operational flexibility than ETFs, as these companies combine liquidity, efficiency, and potential upside through capital structures not available in passive ETF products.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
A single statement of "inflation target achieved" boosts the yen, as the market bets the Bank of Japan is just one step away from a December rate hike
The Bank of Japan kept interest rates unchanged but hinted that inflation targets have been met, paving the way for a rate hike in December. ETF sell-offs have unexpectedly accelerated, and strategists predict the yen could stabilize in the 155 to 160 range.
Amazon (AMZN.US) AWS growth failed to meet the expected 42%, Goldman Sachs: profit exceeded expectations and provided support
Amazon Q3 revenue reached $201.9 billion. AWS growth rate was 39.3%, slightly below the buy-side threshold of 42%. Goldman Sachs pointed out that computing power and capital expenditure are key factors, and maintains a Buy rating with a target price of $375.
Intel (INTC.US) Q3 revenue rises 21%, but weak guidance leads to over 20% plunge after hours
Intel's Q3 revenue was $16.51 billion, up 21% year-on-year, but net profit fell by 18%. Due to Q4 revenue and profit guidance being significantly below Wall Street expectations, combined with the impact of the Israeli factory accident, the stock price plunged more than 20% after hours. The market is deeply concerned about its AI transformation capabilities and outlook for foundry losses.
Crypto prices
More
