Bitmine Immersion Adds 33,000 ETH to its Treasury as Ether Tops $3,200

TL;DR

• Tom Lee’s Bitmine has purchased 33,000 ETH, bringing its total stash to 4.14 million tokens.

• Ether is trading above $3,200 after adding 3% to its value in the last 24 hours.

BitMine’s Ether Holdings Hit 4.14 Million

Bitmine Immersion Technologies (BMNR) has announced the acquisition of 33,000 ETH tokens, bringing its total to 4.14 million, approximately 3.43% of the total Ethereum supply.

This latest development comes as the company intensifies its efforts to accumulate 5% of the total Ether supply. BitMine’s crypto and cash holdings now total $14.2 billion, including $915 million in cash, 192 BTC, and a $25 million stake in Eightco Holdings (ORBS).

Chairman Tom Lee predicts that Ether’s price will surge to as high as $250,000 if Bitcoin eventually crosses the $1 million barrier. 

Thanks to this latest development, Bitmine had staked 659,219 ETH, equivalent to approximately $2.1 billion worth. BitMine intends to increase its staked tokens via the launch of its in-house validator, known as the Made in America Validator Network (MAVAN). MAVAN is expected to go live early this year. 

Ether, the second-largest cryptocurrency by market cap, is trading above $3,200 per coin after adding 3% to its value in the last 24 hours.