Gate has reported that BitMine Immersion Technologies, recognized as the leading corporate Ether holder, has recently bolstered its Ethereum portfolio with a $65 million ETH acquisition. This purchase, the company's first this month, was facilitated through Galaxy Digital's over-the-counter services, as revealed by blockchain analytics firm Arkham Intelligence. BitMine's strategic move comes at a time when Ether reserves on centralized trading platforms have hit a three-year low, with a 38% supply reduction since 2022. This decline is attributed to corporate treasury acquisitions and the impact of exchange-traded funds absorbing available supply. A BitMine spokesperson confirmed to Gate that the company utilized cash for this purchase, without resorting to leverage. BitMine now controls over 1.5% of Ethereum's circulating supply.

In the equities market, BitMine Immersion Technologies (BMNR) saw a significant uptick, with shares ending Wednesday's trading at $44.86, marking a 5.58% increase, according to financial data. However, the stock experienced a minor 0.54% dip in after-hours trading, settling at $44.62. Despite a year-to-date surge of 540%, BMNR has retreated nearly 67% from its $135 peak on July 3. A social media post highlighted BMNR as one of the most actively traded stocks, boasting a ten-day average volume of 51.07 million shares and a 30-day average of approximately 54.96 million. Speculation is also circulating about Tom Lee's potential appearance on a popular podcast, which could bring additional attention to BitMine and Ethereum.

During his participation in the Medici Presents: Level Up podcast, Tom Lee reaffirmed his long-term Ethereum price projection of $60,000. He compared Wall Street's growing Ethereum interest to a transformative moment, suggesting it could substantially elevate the asset's value. Lee emphasized that Ethereum's integration into financial systems presents significant opportunities for blockchain adoption, positioning Ethereum as a key beneficiary. He also noted that publicly-traded companies holding Ethereum treasuries might trade at a premium due to their staking capabilities, an advantage not shared by Ethereum ETFs due to liquidity constraints. Lee highlighted that Ethereum's staking rewards, yielding a 3% return, should enhance the value of Ether-holding companies, proposing a valuation multiplier of 1.9. Currently, BitMine's mNav trades at a multiplier of 1.13, according to Strategic ETH Reserve. Lee pointed out that Ethereum ETFs face limitations in capitalizing on staking due to liquidity requirements, restricting their potential valuation.