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 cryptocurrency. The purchase was executed through six transactions on Galaxy Digital’s over-the-counter desk, according to blockchain analytics platform Arkham Intelligence. The 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 low . Since 2022, exchange balances have dropped 38% as both corporate treasuries and exchange-traded funds continue to absorb supply. With this latest round of buying, the firm now controls more than 1.5% of Ethereum’s circulating supply. BitMine 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 heavy. Data 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 weeks. Adding 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 YouTube. If confirmed, the appearance could shine even more spotlight on both BitMine and Ethereum. Tom 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 U.S. stock markets surged in response to sweeping economic measures. Lee 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. The post BitMine Buys $65M Ether Amid Shrinking Exchange Reserves appeared first on TheCoinrise.com .