Bitmine Doubles Down on Ethereum with $15 Billion Bet

Bitmine Immersion Technologies has significantly boosted its Ethereum holdings by purchasing 27,180 ETH over the past week. This purchase brings the company's total Ethereum treasury to 5,956,378 ETH, accounting for about 4.9% of the total Ethereum supply.

The value of Bitmine's Ethereum position is estimated at nearly $15 billion, using a price of $2,513 per ETH. The company has been steadily increasing its Ethereum holdings, with its current stash exceeding 5 million tokens.

Bitmine chairman Tom Lee attributes the potential for a year-end crypto rally to upcoming U.S. legislation, specifically the CLARITY Act vote, as well as returning Korean demand and institutional buying power.

Institutional investor sentiment is also positive, with Bitmine adviser Tom DeMark predicting that Ethereum will make a sharp upward move in the coming weeks.