BitMine Immersion Technologies has made significant strides in its cryptocurrency holdings, recently accumulating over 80,000 ETH, which equates to an investment of more than $294 million. This latest acquisition brings the company’s total Ethereum holdings to approximately 3.39 million ETH, representing over 2.8% of the circulating supply of the cryptocurrency.
Despite this substantial purchase, shares of BitMine (BMNR) experienced a decline of more than 8%, amidst a broader downtrend in the Ethereum market, where ETH is currently trading at just above $3,600—marking a drop of over 6% in the last 24 hours alone. In the past month, BMNR shares have seen a steeper decline, falling about 25%.
Tom Lee, the Chairman of BitMine, remains optimistic about the future of Bitcoin and Ethereum, predicting that both will experience a rally as the year comes to a close. Speaking on CNBC’s Squawk Box, he referred to the current market dynamics as a phase of consolidation, but he emphasized the strong underlying fundamentals that could drive prices upward. Lee noted the explosion in stablecoin volume and all-time high application revenues as indicators of a healthy market.
He characterized the recent liquidation event in the crypto space—where approximately $19 billion was wiped out—as a necessary reset, which he described as a “miniature rupture.” Such events, according to Lee, create opportunities for the market to stabilize and subsequently rally. He projected ambitious price targets for Bitcoin and Ethereum, suggesting they could reach between $150,000 and $200,000, and $7,000, respectively, by the end of the year.
BitMine’s dominant treasury status in the Ethereum ecosystem is underscored by its current valuation of $12.5 billion worth of ETH. This positions the company as the second-largest crypto treasury holder, trailing only behind the substantial holdings of Strategy, which boasts more than $69 billion in Bitcoin. Additionally, BitMine’s portfolio includes 192 Bitcoins valued at approximately $20 million, a $62 million investment in EightCo Holdings (ORBS), and roughly $389 million in liquid cash.
In a predictive market analysis conducted by Myriad, 95% of participants expressed confidence that BitMine will surpass SharpLine Gaming, the second-largest Ethereum treasury, in total ETH holdings by year-end. This bullish sentiment reflects expectations surrounding BitMine’s aggressive accumulation strategy and the potential for recovery in cryptocurrency prices.
