Bitmine Immersion Technologies just bought the dip, acquiring a further 14,665 ETH worth around $64.7 million at current market prices, according to Arkham Intelligence.
The move came as Ether dropped to weekly lows below $4,300 before recovering on Thursday morning.
The latest acquisition has extended Bitmine’s lead as the world’s largest Ether treasury company with 1,866,974 ETH worth around $8.2 billion. The firm now holds 1.54% of the entire supply of the asset, according to StrategicEthReserve.
Ether Price Predictions to The Moon
The move also followed a massive price prediction from Fundstrat earlier this week.
ETH has been cooling off over the last ten days, “but the overall consolidation looks constructive,” said CFA Mike Zaccardi on Wednesday. He cited a chart from Fundstrat that looked at previous moves for the asset when it pumped by 54 times from its 2020 low below $100 to its peak at the end of 2021, just below $4,900.
Another 54 times move from its April low of around $1,400 could propel the asset to a whopping $75,000, but this seems a little far-fetched at the moment.
Other price predictions have been a little more modest. Last month, Geoff Kendrick, Standard Chartered’s head of digital assets research, raised the year-end target for Ether to $7,500 from $4,000 and a 2028 target of $25,000.
In related news, Etherealize, an Ethereum infrastructure firm, announced on Wednesday the closing of a $40 million funding round led by Electric Capital and Paradigm.
This funding adds to a grant from Ethereum co-founder Vitalik Buterin and the Ethereum Foundation in 2024 to kickstart its operations and educate the financial sector about Ethereum, it stated.
“After hundreds of conversations with banks and institutions, one thing is clear: the future of finance will be built on Ethereum,” said Vivek Raman, CEO of Etherealize.
ETH Price Bounces
Ether prices are back in the green today following a dip to an intraday low of $4,300. The asset recovered to reach $4,480 but could not sustain that level as Asian traders sold off on Thursday morning, sending ETH back to $4,400 at the time of writing.
Ether remains down 11% from its late August peak, but has remained in a choppy sideways pattern for the past four weeks.
