BitMine buys $65M of ETH as chairman touts ‘1971 moment’ for Ethereum

BitMine chair Tom Lee said he still expects Ether to eventually reach $60,000, as his firm bought another $65 million in ETH on Thursday.

BitMine Immersion Technologies, the biggest corporate holder of Ether (ETH), bought another $65 million of ETH for its treasury on Thursday, marking its first batch this month. 

The company conducted six transactions via Galaxy Digital’s over-the-counter desk to complete the acquisition, according to blockchain analytics platform Arkham Intelligence.

BitMine’s ETH acquisition comes at a time when Ether reserves across all centralized exchanges have hit a three-year low, with the supply shrinking 38% since 2022 due to corporate treasury purchases and exchange-traded funds soaking up the supply.

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