BitMine's Ethereum Vault Reaches 3.03 Million ETH
BitMine Immersion Technologies, the world's largest Ethereum treasury company, has announced that its holdings have reached 3.03 million ETH, equivalent to 2.5% of the total supply.
During the recent market dip, the firm acquired an additional 202,037 ETH, bringing its overall stash to 3.03 million ETH in just three months of accumulation.
The crypto liquidation over the past few days created a price decline in ETH, which BitMine took advantage of.
Chairman Tom Lee remains bullish on ETH, expecting a 3x run in Q4 and a potential price of $10K-$12K by year-end. However, options traders are pessimistic about these targets.
Target of 5% ETH Supply
BitMine is now halfway towards its target of holding 5% of the total ETH supply, with Chairman Tom Lee hailing the recent "discount window" as an opportunity to accumulate more ETH.
Author's summary: BitMine's Ethereum holdings reach 3.03 million.