- BitMine boosts Ethereum holdings past $8B as institutions chase long-term gains, showing growing trust in ETH as digital infrastructure.
- Ethereum holds above $4,400 despite volatility as BitMine adds $354M ETH and Tom Lee predicts $60K ETH with $1M Bitcoin.
- BitMine appoints David Sharbutt to its board, reinforcing its push to build Ethereum as core digital infrastructure for the future.
BitMine has ramped up its Ethereum accumulation, sparking urgent discussions across the crypto market. The company added 78,791 ETH worth $354.6 million, pushing total holdings to 1,792,690 ETH. That stash now exceeds $8 billion in value.
The move highlights a strategic push by institutions to secure a bigger stake in Ethereum. Moreover, the firm’s treasury ballooned by $2.2 billion in one week. Consequently, many see BitMine positioning itself as a critical digital infrastructure partner for Ethereum’s future.
Besides the purchase, Fundstrat Chairman Tom Lee noted Ethereum could soar to $60,000. He also projected Bitcoin reaching $1 million. Lee emphasized, “Institutions are beginning to treat crypto as essential allocations.”
His vision strengthens confidence that Ethereum is no longer a speculative asset but a long-term play. Furthermore, CryptoISO estimated Lee needs 4.3 million more ETH to claim a 5% stake. That expansion would demand nearly $19.5 billion at current values.
Strategic Board Addition
Additionally, BitMine announced David Sharbutt as a new board member. Sharbutt co-founded Alamosa PCS and served 17 years on American Tower Corporation’s board.
Lee praised the move, stating, “Adding David’s operational experience makes him the perfect addition.” He compared Ethereum treasuries to wireless towers, calling both essential infrastructure with long-term value. Moreover, Sharbutt lauded Lee’s track record, noting, “He identified transformational opportunities years before the market recognized them.”
Hence, the leadership update reflects BitMine’s ambition to align with experienced voices as it grows into an Ethereum powerhouse. The comparison between wireless towers and ETH staking reinforces the view that Ethereum is an essential network.
Ethereum Price Action
However, Ethereum’s price action remains choppy despite institutional accumulation. ETH currently trades at $4,459, slipping 0.46% in the last session. The coin fluctuated between $4,445 and $4,485 this week. Notably, on day 22, ETH rose close to $5,000 before falling. The coin is currently consolidating above $4,400, which is a good support level.
Ethereum 1hr chart, Source: Coinalyze
Additionally, there are conflicting indications in market indicators. With $30.5 billion in open interest, institutional involvement appears to be consistent. Bullish attitude is shown by the funding rate, which is still positive at 0.0065.
On the other hand, short-term negative momentum is indicated by the Awesome Oscillator at -2.06. Contrarian traders might therefore view the decline as a chance to purchase.
