Bitmine Expands Ethereum Holdings by $81 Million Amid Price Surge

Summary

• Bitmine, led by Tom Lee, acquired an additional 32,447 ETH valued at approximately $81 million last week.
• The company now holds 5.85 million ETH, representing about 4.8% of the total supply.
• Ethereum's price has surged over 30% in the past week.

Bitmine Immersion Technologies is inching closer to its target of owning 5% of Ethereum's total supply, having purchased an additional 32,447 ETH for around $81 million last week.

On Monday, the company reported that it now holds 5,847,611 ETH, which is valued at roughly $15 billion as of August 23.

Myriad: Upcoming price movement for Ethereum? Share your prediction here.

With the total Ethereum supply estimated at about 120.7 million tokens, Bitmine's goal translates to approximately 6.04 million ETH, leaving them roughly 187,000 ETH short of this target.

This recent purchase aligns with a renewed enthusiasm in the cryptocurrency market, as Ethereum's price has skyrocketed over the past week. ETH has increased by an impressive 31.5%, outperforming Bitcoin's nearly 24% rise during the same timeframe. Currently, ETH is trading just below $2,500, marking a nearly 3% increase in the last day.

Market sentiment towards Ethereum has also shifted positively. On Myriad, a prediction platform developed by Dastan, the parent company of Decrypt, traders are now forecasting 64% odds for Ethereum to hit $3,000 before potentially dropping to $1,500. Just a week prior, the odds were reversed, with bearish predictions reaching as high as 74% before the market dynamics changed.