BitMine Buys $65M Ether Amid Shrinking Exchange Reserves

BitMine Immersion Technologies, the largest corporate holder of Ether, added another $65 million worth of ETH to its treasury on Thursday, deepening its position in the second-largest ￰0￱ purchase was executed through six transactions on Galaxy Digital’s over-the-counter desk, according to blockchain analytics platform Arkham ￰1￱ acquisition marks BitMine’s first Ether buy this month and comes at a time when centralized exchange reserves of ETH have hit a three-year ￰2￱ 2022, exchange balances have dropped 38% as both corporate treasuries and exchange-traded funds continue to absorb ￰3￱ this latest round of buying, the firm now controls more than 1.5% of Ethereum’s circulating ￰4￱ Stock Rallies Despite Volatility Shares of BitMine Immersion Technologies (BMNR) ended Wednesday’s trading session at $44.86, up 5.58% on the day, before dipping slightly in after-hours trading to $44.62.

Notably, BMNR has surged 540% year-to-date but its stock remains well below its July 3 peak of $135. Trading activity around BMNR has been unusually ￰5￱ shows its 10-day average trading volume at 51.07 million shares, compared to a 30-day average of 54.96 million shares, placing it among the most actively traded stocks in recent ￰6￱ to the buzz, speculation is circulating that Fundstrat co-founder Tom Lee could soon appear on The Joe Rogan Experience , which has over 20 million subscribers on ￰7￱ confirmed, the appearance could shine even more spotlight on both BitMine and ￰8￱ Lee Reiterates $60K ETH Target Last week, Lee reiterated his long-term Ethereum price confidence , setting a price target of $60,000.

He compared Wall Street’s rising interest in ETH to the historic August 17, 1971 “Nixon shock,” when ￰9￱ markets surged in response to sweeping economic ￰10￱ argued that companies holding ETH treasuries should trade at a premium due to staking yields , which currently stand at about 3%. By his calculations, staking adds around 90% in value to corporate ETH holdings, offering firms like BitMine a competitive edge over Ethereum ETFs, which face liquidity constraints and cannot stake their entire assets.