BitMine CEO Tom Lee confirmed that the company went on an Ether buying spree after the cryptocurrency market experienced one of its major deleveraging events earlier this month.
“ETH open interest remains at the same level as on June 30 this year, ETH stood at $2,500, given the expected Supercycle for Ethereum, this price shift represents an attractive risk/reward,” he added. he said in a statement on Monday.
BitMine bought another $250 million in Ether (ETH) from cryptocurrency exchanges Bitgo and Kraken on Monday, According to to the Arkham Intelligence blockchain analytical platform.
With this, BitMine is now more than halfway to its goal of having 5% of the total Ether token supply, with total Ether holdings now standing at over 3.3 million tokens worth over $13 billion and representing 2.74% of the total supply.
Last week, Lee made some bullish statements about Ether during the company’s buying spree.
Last Wednesday during an episode of the Bankless podcast, Lee stood by his prediction that Ether would hit $10,000 this year, even though there are just over two months left. To meet Lee’s goal, the price would need to augment 150% from Monday’s price of $3,986.
BitMine shares are rising
BitMine (BMNR) stock launched. up 7.92% to trade at $53.80 on Monday. Over the last six months, the company’s shares have gained over 691%.
“BitMine continues to attract capital from institutional investors as our high liquidity is attractive. The combined share of BitMine and MSTR trading volume now stands at 88% of total global DAT trading volume,” Lee said.
BitMine reigns as the largest Ether company
BitMine is by far the largest Ether treasury, with the next closest publicly traded stash held by SharpLink Gaming, with a total of 840,012 tokens, According to to StrategicETHResserves.
Related: BitMine’s Lee calls ETH a “discount for the future,” and Bit Digital is eyeing $100 million
Institutions continuously purchased Ether throughout 2025, and the total value of all treasuries was over 5.74 million ETH, representing 4.75% of the supply.
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