Bitmine adds $68M to Ether holdings

• Bitmine has bought another 27,180 Ether worth about US$68 million.
• The purchase has lifted its holdings to nearly 6 million ETH, or about 4.9% of supply.
• Chairman Tom Lee has pointed to several factors that could support Ether demand.

Bitmine Immersion Technologies has bought another 27,180 Ether (CRYPTO:ETH) worth about US$68 million.

The purchase has lifted Bitmine’s Ether holdings to about 5.96 million ETH, or roughly 4.9% of circulating supply.

Chairman Tom Lee said the rising ETH-to-Bitcoin ratio and institutional demand point to further growth.

Bitmine has now moved closer to its goal of holding 5% of all Ether in circulation.

The company has continued buying Ether as it builds the largest known corporate Ethereum treasury.

Lee has also pointed to tokenisation and wider institutional use as potential drivers for Ethereum demand.

Bitmine’s latest purchase adds to a buying streak that has made its Ether holdings a major part of its investment strategy.

At the time of reporting, Ethereum price was $2,512.26.