BitMine buy $250M ETH, holdin 2.74%, Lee dey eye Supercycle
BitMine don add $250 million worth Ethereum (ETH) to hin holdins, dem buy ETH for Bitgo and Kraken. Dis buy dey raise BitMine treasury to 3.3 million ETH, or 2.74% of di total Ethereum wey dey circulate. Chairman Tom Lee talk say di ETH open interest don reach level wey dem see last time for late June 2025, wen ETH dey trade near $2,500, e mean say di entry price around $3,986 fine well well. Lee still dey maintain im target say ETH go reach $10,000 by end of 2025, dat mean 150% rally. BitMine don pass half way for im aim to hold 5% of all ETH. After dis buy, BitMine stock (BMNR) climb 7.9% reach $53.80. Institutional Ethereum treasuries now dey hold 4.75% of supply, wit BitMine as di biggest publicly listed ETH holder. Di company aggressive ETH buying show say institutional demand dey grow and fit start long Ethereum supercycle wey fit push price higher and increase network adoption.
Bullish
BitMine big ETH buy dey show say institutional confidence strong well well, e fit bring positive momentum plus short-term price gains. As dem dey reduce ETH wey dey available and dem self dey align with Tom Lee $10,000 target, dis move dey boost bullish feeling well. For long term, as institutional treasuries dey rise plus open interest high, e fit keep putting pressure for ETH price make e dey go up steady. Traders fit come increase dem long positions to take advantage of expected continuous gains.