Bitmine Immersion Technologies, the largest ether corporate holder (Eth), bought another $ 65 million of ETH for its treasury on Thursday, which marked its first batch this month.
The company conducted six transactions through Galaxy Digital’s over-the-counter desk to complete the acquisition, According to To blockchain analytics platform arkham intelligence.
Getting Bitmine ethics arrived at a time when Ether reserves in all centralized exchanges hit a three -year low, along with Supply has diminished 38% since 2022 Due to corporate treasury purchases and funds exchanged by the exchange that soaked the supply.
On Tuesday, a Bitmine representative cointelegraph said that The company did not use any action For Ether purchase, with the company now holds more than 1.5% of the Ethereum supply.
“All ETH is purchases of cash with cash,” the representative said.
Bitmine stock rallies on the day of trading
Shares of Bitmine Immersion Technologies (BMNR) ended Wednesday’s trading session at $ 44.86, an increase of 5.58%, According to In Google Finance.
However, the stock found a minor dip of 0.54% and ended the trading session after time at $ 44.62.
Related: Cathie Wood’s Ark Invest bought another $ 15m of ETH firm Bitmine
BMNR reached 540% year-to-date; However, the stock crashed nearly 67% from July 3 high $ 135.
In a Wednesday x post, a user Taught BMNR is one of the most traded stocks, as the last 10-day average volume stands at 51.07 million shares, while its 30-day average volume is around 54.96 million shares.
There is also rumors Tom Lee is set to appear in the podcast of Joe Rogan experience, with more than 20 million subscribers on YouTube, and can bring more attention to both Bitmine and Ethereum.
Tom Lee announced the target price of $ 60,000
On Wednesday, Tom Lee appeared on The Medici Presents: Level Up Podcastwhere he proved his stance that ETH would reach the $ 60,000 mark in the long run.
Lee said Wall Street’s interest in ETH could be a “1971 moment,” which could push higher assets.
“Wall Street moving to crypto railroads I think was like a moment of 1971 for Ethereum. So I think it creates huge opportunities to move a lot of things to the blockchain. And Ethereum is not the only winner, but it’s one of the major winners.” Lee told co-host David Grider.
Lee foretold that companies that have been publicly exchanged with an ETH ark should trade in a premium because they can stake their resources with ETH, while an ETH ETF is forced by liquidity requirements and therefore cannot ensure their full handling ETH.
According to Lee, since ETH generates a staking reward of 3%, it must add a 90% value to the company holding an ether to its treasury, which will indicate a multiplier of 1.9.
Currently, MNAV is trading with a multiplier of 1.13, According to In strategic Eth Reserve.
“And remember, ETFs, Ethereum ETFs cannot be fully ensured because of the liquidity requirements. So they will not get the proper multiple for their caution.” Lee added.
Magazine: The bitcoin to see ‘another big thrust’ up to $ 150k, eth pressure forms: commodity secrets
