Bitmine Sees Strong Q3 for Ethereum, Boosts Institutional Investor Hopes

Bitmine Immersion Technologies has significantly ramped up its Ethereum purchases for the second consecutive week, buying 53,501 ether at a price of $2,452.14.

This purchase, worth approximately $131.3 million, brings Bitmine's total holdings to 5,901,112 ETH, which is roughly 4.9% of Ethereum's total supply of 120.7 million tokens.

The company now has around 134,000 ether short of its self-imposed goal of owning 5% of Ethereum's supply.

Tom Lee, Chairman of Bitmine, attributed the strong third-quarter performance to institutional investors, who may be drawn to the cryptocurrency market due to its substantial outperformance compared to other macro assets. Lee also pointed to a potential U.S. market-structure bill vote in September and renewed crypto demand from Korean investors as possible catalysts for the rest of the year.