BitMine Immersion Technologies completed a $65 million spot purchase of ETH via six OTC trades, increasing its corporate Ether treasury to over 1.5% of circulating supply. Tom Lee reiterated a long-term ETH price target of $60,000, citing staking yields and Wall Street adoption as drivers.
BitMine purchased $65M in ETH via OTC trades, boosting corporate treasury holdings.
Ether centralized-exchange reserves are at a three-year low, down ~38% since 2022.
BitMine now holds >1.5% of circulating ETH; Tom Lee forecasts $60,000 for ETH based on staking economics.
BitMine ETH purchase: $65M spot buy boosts treasury holdings; Tom Lee reiterates $60,000 ETH target — read key facts and data-driven takeaways.
What happened in the BitMine ETH purchase?
BitMine ETH purchase was a $65 million spot acquisition executed in six over-the-counter transactions through Galaxy Digital’s desk, increasing BitMine Immersion Technologies’ Ether treasury to more than 1.5% of circulating supply. The company confirmed purchases were made with cash and without leverage.
BitMine Immersion Technologies, the largest corporate holder of Ether by reported figures, carried out the purchase via six separate OTC trades. Blockchain analytics firm Arkham Intelligence identified the transactions.
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The move reduces available spot supply as corporate treasuries and ETFs absorb ETH. Centralized exchange Ether reserves have fallen roughly 38% since 2022, tightening liquidity and supporting price discovery.
Tom Lee $60,000 ETH thesis centers on staking economics and institutional adoption. Lee argues publicly traded firms holding ETH can earn staking yields (~3%) that should justify a valuation premium versus ETFs that cannot fully stake due to liquidity rules.
Using a 3% staking yield assumption, Lee suggested staking could add up to a ~90% uplift to the value of corporate-held ETH (implying a 1.9x multiplier on certain metrics). BitMine’s market NAV multiplier was cited at 1.13 by Strategic ETH Reserve in recent commentary.
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