The price of Bitcoin 
$91,081 is maintaining its position at $111,000 following a positive opening in the US markets. This ushers in a promising day for altcoins. Reflecting on the previous day, there were early signals of this potential upward trend as the new week commenced. In an encouraging move, BitMine announced new purchases today, although it has yet to reach its intended goal.
Expanding Ethereum Reserves
BitMine Immersion (BMNR), a publicly traded company on the US stock market, began accumulating Ether this year. Having reaped substantial benefits from this strategy, BitMine believes it will further contribute to the company’s growth over the long term. The company’s crypto-related assets, including cash reserves, have now reached a staggering $13.4 billion.
With its Ethereum 
$3,094 holdings standing at 3.24 million, the company owns 2.7% of the total ETH supply. Considering the initial goal of obtaining 5% – a target once ridiculed – BitMine is impressively halfway there. The company holds $219 million in cash earmarked for further ETH purchases, complementing its existing 3.24 million ETH, bringing its total assets to $13.4 billion.
Purchases will continue to increase the ETH per share ratio. As the 33rd most traded stock in America, BMNR reached a 5-day average volume of $2.1 billion. Supported by prominent figures like Cathie Wood from ARK, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and individual investor Thomas “Tom” Lee, the company views Ethereum as the cornerstone of new finance.
Future Prospects for Ethereum
Thomas Lee joined BitMine to lead this reserve strategy. He argues that due to the GENIUS Act and the SEC’s Project Crypto initiative, we are experiencing a transformation akin to the gold standard days.
“Last week, the crypto market experienced one of the largest deleveraging events ever, putting downward pressure on ETH prices. Open positions for ETH are now at levels seen on June 30th this year (when ETH was $2,500). Given the anticipated Super Cycle for Ethereum, this price shift offers an attractive risk/reward ratio. In the past week, we purchased 203,826 ETH, raising our total holdings to 3.24 million, or 2.7% of the ETH supply.
BitMine continues to attract institutional capital due to our appealing liquidity. BitMine and MSTR together now constitute 88% of the total global DAT trading volume. Our speed in enhancing the NAV per crypto share, along with our stock’s high trading liquidity, keeps us leading our competitors in the crypto treasury space.”
