The price of Ethereum has reached a new milestone, surging past the $4,400 mark due to significant institutional buying by BitMine Immersion Technologies.
The company, now holding over 1.15 million ETH, announced that it has expanded its equity offering by a staggering $20 billion, bringing its total capacity to $24.5 billion. BitMine’s goal is to acquire up to 5% of the total supply of Ethereum to solidify its position as the largest corporate holder of ETH globally.
With this new offering, BitMine plans to continue purchasing large amounts of ETH, replicating the aggressive accumulation strategy first pioneered by MicroStrategy with Bitcoin. In just a few short weeks, BitMine has already amassed nearly $5 billion in Ethereum holdings, with no signs of slowing down.
Ethereum Price Soars Amid Institutional FOMO
Meanwhile, as BitMine presses forward with its acquisitions, Ethereum’s price has seen a significant uptick. ETH crossed the $4,400 threshold for the first time since 2021, fueled in part by BitMine’s buying spree.
Notably, Ethereum has experienced a streak of green candles in recent weeks, currently boasting a seven-day gain of 23%, compared to Bitcoin’s 6% growth. Optimism is higher than ever that Ethereum will establish a new peak this year.
For instance, Tom Lee, chairman of BitMine and co-founder of Fundstrat, has made his bullish stance on Ethereum clear. In a recent podcast, he suggested that ETH could soon outpace Bitcoin in terms of value.
Lee is projecting that Ethereum could reach as high as $7,000 to $15,000 by the end of the year. Meanwhile, BitMine believes the price of ETH could reach $60,000 in a few years. The ongoing buying pressure from institutions increasingly fuels this outlook.
ETH Treasuries Gaining Steam
BitMine’s aggressive accumulation is setting the stage for an “Ethereum MicroStrategy” era, where corporate treasuries continue to pile into the network.
Already, numerous institutional investors have disclosed their strategies for continued accumulation and staking of Ethereum.
SharpLink and The Ether Machine have been among the leading firms building substantial ETH treasuries alongside BitMine. Just last week, SharpLink announced a $200 million capital raise to purchase ETH tokens.
While The Ether Machine’s ETH holdings are worth $1.52 billion, SharpLink’s ETH holdings now exceed $2.63 billion.
Meanwhile, the Ethereum Foundation, with over 232,000 ETH, remains dominant in the ecosystem, ranking third among the top holders of ETH.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
