Ethereum
BitMine Raises Ethereum Treasury to Nearly Six Million Tokens Following Recent Purchase
BitMine Immersion Technologies acquired 27,180 ETH, bringing its position to 4.9% of circulating supply as corporate accumulation continues.
BitMine Immersion Technologies acquired 27,180 ETH over the past week, raising its total position to 5.956 million tokens. The holding represents roughly 4.9% of Ethereum's circulating supply, approaching the 5% objective established by chairman Tom Lee. Approximately 5.07 million of the tokens are currently staked, with the firm's combined crypto and cash reserves valued at $15.8 billion.
Tom DeMark of DeMark Analytics, serving as capital markets advisor, stated that Ethereum's sideways movement in August without a downside break indicated a continuation of its prior uptrend. He noted expectations that late August's single-day surge served as a preview for further upside.
The accumulation occurred amid broader treasury activity across the sector, with DeFi Development Corp raising Solana reserves and Strive purchasing Bitcoin. The moves come ahead of a Federal Reserve policy meeting, where market expectations for a rate increase rose to 85.6% on the CME FedWatch tracker.
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