Ethereum cryptocurrency, silver coin on chart, crypto trading, blockchain, digital money

Key Takeaways:

BitMine added $65M in Ethereum to its treasury via Galaxy Digital, now holding over 1.5% of ETH’s circulating supply.
ETH reserves on centralized exchanges have dropped 38% since 2022, hitting a 3-year low amid rising corporate and ETF demand.
Chairman Tom Lee reiterated his $60K ETH price target, citing institutional adoption and staking advantages over ETFs.

BitMine Immersion Technologies, the largest corporate holder of Ether (ETH), has expanded its treasury with a $65 million purchase, completed through six over-the-counter transactions via Galaxy Digital.

The acquisition, made entirely with cash and without leverage, brings BitMine’s total holdings to more than 1.5% of Ethereum’s circulating supply.

Bitmine again bought $65,300,000 $ETH.

Tom Lee is an absolute legend. pic.twitter.com/YCtoYaoPNz
— Ted (@TedPillows) September 4, 2025

This move coincides with ETH reserves on centralized exchanges hitting a three-year low, down 38% since 2022, driven by corporate treasury buys and ETF inflows.

On the market side, BitMine’s stock (BMNR) closed at $44.86, up 5.58% before dipping slightly in after-hours trading.

Despite gaining 540% year-to-date, shares remain down 67% from the July peak of $135.

Trading activity has been heavy, with 10-day and 30-day averages above 50 million shares.

Speculation is also growing about Chairman Tom Lee’s potential appearance on The Joe Rogan Experience, which could boost visibility for both the company and Ethereum.

Lee reaffirmed his bold $60,000 ETH price target during a podcast, comparing Wall Street’s move onto crypto rails to the pivotal 1971 market shift.

He argued that ETH treasuries deserve premium valuations thanks to staking yields, unlike ETFs constrained by liquidity rules.