BitMine Immersion Technologies (NYSE:BMNR) Trading 5% Higher - What's Next?
Tom Lee said strong third-quarter crypto gains and renewed Korean demand could draw institutions as Bitmine’s Ether holdings climbed to 5.9 million tokens.
- Bitmine Immersion Technologies extended its buying streak to 65 consecutive weeks, purchasing 53,501 ETH last week and raising total holdings to more than 5.9 million ETH valued at roughly $14.8 billion as of Sunday.
- Chairman Tom Lee attributed the accelerated buying to Ether's strong third-quarter performance, which rallied 55% in August and could attract institutional investors amid broader crypto market recovery.
- Bitmine now owns about 4.9% of Ethereum's 120.7 million token supply while holding roughly $5.1 billion in unrealized losses; the company stakes 86% of its assets for revenue generation.
- Lee noted that Ether, Bitcoin, and Solana have been the top-performing major assets since June 30, while the company's NYSE-traded BMNR shares rose 1.3% on Monday morning, poised for an almost-40% monthly gain.
- Bitmine remains about 134,000 tokens short of its 5% ownership goal; Lee anticipates a U.S. market-structure bill vote in September and renewed Korean investor demand will support Ethereum long-term.
27 Articles
27 Articles
Bitmine Boosts Ethereum Holdings with 500 ETH Purchase Ahead of $11M Raise
Bitmine Immersion Technologies has accelerated its Ethereum holdings with a fresh purchase of 500 ETH as it nears closing an $11 million private placement. The move diversifies its treasury beyond Bitcoin mining, leveraging efficient immersion cooling for cost advantages and potential staking yields. This hybrid strategy aims to enhance balance sheet strength amid favorable market conditions.
24/7 Wall St.
BizTocBitmine Rises 4% as ETH Holdings Near 5% of Supply, Circle Internet Group Surges 8%, Coinbase Climbs 5%
Crypto stocks are surging midday even as Bitcoin and Ethereum trade lower, and one company's relentless weekly buying spree is now within striking distance of a milestone no crypto treasury has ever reached.
Cointelegraph
The New York LedgerBitmine Extends Ether Buying Streak to 65 Weeks
Tom Lee’s Bitmine added another 53,501 ETH as the crypto market rebounded, bringing its Ether portfolio to more than 5.9 million tokens.
crypto.news
Cryptocurrency News | Cryptocurrency Prices | Market CapBitMine adds 53,501 ETH as holdings reach 5.9M
BitMine Immersion Technologies has purchased another 53,501 ETH, lifting its Ethereum treasury to 5,901,112 tokens worth about $14.54 billion at the time of writing. BitMine’s Ethereum holdings have reached 5.9 million ETH BitMine Immersion Technologies said in its latest treasury…
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