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Bitmine Immersion Technologies purchased 53,501 ETH, valued at approximately $131 million, in its most significant Ethereum acquisition since June.
The NYSE-listed company announced the transaction on Monday, a move that coincides with chairman Tom Lee's assertion that the crypto sector is experiencing a strong third quarter.
The purchase brings Bitmine's total Ethereum holdings to 5,901,112 ETH. Using a reference price of $2,511 per coin, the company values this stash at roughly $14.8 billion.
This amount represents 4.9% of Ethereum's total supply of 120.7 million tokens.
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