BitMine acquired 69,822 Ethereum last week (valued at $195 million), bringing its total holdings to 3.63 million ETH—representing 3% of Ethereum’s circulating supply, worth approximately $10.1 billion. Despite this purchase, the company’s stock has dropped 43% over the past month, hitting a four-month low of $24.33 before recovering 10% to $28 on Monday.
Key Points:
* This was BitMine’s second-smallest Ethereum purchase of the year
* The company increased its unencumbered cash from $607M to $800M
* BitMine also holds 192 Bitcoin and a $38M stake in a Worldcoin-related crypto treasury firm
* Chairman Tom Lee attributed the crypto decline to $19 billion in forced liquidations but believes Ethereum’s downside is limited (5-7%) with significant upside potential
* The company plans to deploy Ethereum validator infrastructure in early 2026
coinfeeds-bot on
tldr; BitMine Immersion Technologies purchased $195 million worth of Ethereum, increasing its holdings to 3.63 million Ethereum, or 3% of the total supply. Despite the acquisition, BitMine’s stock price remains down 43% over the past month. The company plans to deploy Ethereum validators next year and reported increased cash reserves. Ethereum’s price recently hit a four-month low, but BitMine Chairman Tom Lee expressed optimism about its future, citing limited downside and potential for a supercycle ahead.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
lordchickenburger on
Just one shot borrow tonnes of money from jpmorgan to buy all of eth supply default on that loan cause a bank run so everybody flocks to bitcoin
4 Comments
**Summary:**
BitMine acquired 69,822 Ethereum last week (valued at $195 million), bringing its total holdings to 3.63 million ETH—representing 3% of Ethereum’s circulating supply, worth approximately $10.1 billion. Despite this purchase, the company’s stock has dropped 43% over the past month, hitting a four-month low of $24.33 before recovering 10% to $28 on Monday.
Key Points:
* This was BitMine’s second-smallest Ethereum purchase of the year
* The company increased its unencumbered cash from $607M to $800M
* BitMine also holds 192 Bitcoin and a $38M stake in a Worldcoin-related crypto treasury firm
* Chairman Tom Lee attributed the crypto decline to $19 billion in forced liquidations but believes Ethereum’s downside is limited (5-7%) with significant upside potential
* The company plans to deploy Ethereum validator infrastructure in early 2026
tldr; BitMine Immersion Technologies purchased $195 million worth of Ethereum, increasing its holdings to 3.63 million Ethereum, or 3% of the total supply. Despite the acquisition, BitMine’s stock price remains down 43% over the past month. The company plans to deploy Ethereum validators next year and reported increased cash reserves. Ethereum’s price recently hit a four-month low, but BitMine Chairman Tom Lee expressed optimism about its future, citing limited downside and potential for a supercycle ahead.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Just one shot borrow tonnes of money from jpmorgan to buy all of eth supply default on that loan cause a bank run so everybody flocks to bitcoin
Wow
All in