BitMine Immersion Technologies, the largest corporate holder of Ether ($ETH), has added another $65 million worth of ETH to its treasury on Thursday, making it the company’s first purchase this month.
The acquisition was carried out in six transactions through Galaxy Digital’s over-the-counter desk, according to blockchain analytics firm Arkham Intelligence.
This move comes as Ether reserves on centralized exchanges have fallen to a three-year low, down 38% since 2022. The decline is mainly driven by corporate treasury allocations and demand from exchange-traded funds (ETFs).
BitMine Stock Rallies but Remains Far Below July Peak
Shares of BitMine Immersion Technologies (BMNR) closed Wednesday at $44.86, up 5.58% for the day, according to Google Finance.
In after-hours trading, the stock slipped slightly by 0.54%, finishing at $44.62. Despite being up 540% since the start of the year, BMNR has dropped nearly 67% from its July 3 peak of $135.
On X, one user highlighted that BMNR ranks among the most actively traded stocks, with an average volume of 51.07 million shares over the past 10 days and about 54.96 million over the last 30 days.
Adding to the buzz, rumors suggest that Tom Lee may appear on The Joe Rogan Experience podcast, which boasts more than 20 million YouTube subscribers, a move that could draw more attention to both BitMine and Ethereum.
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