BitMine Snags More Ethereum While the Market Takes a Dive
BitMine Goes Shopping for Ethereum
This past weekend was quite the rollercoaster for crypto lovers, and guess who was at the front of the line? That’s right, BitMine Immersion Technologies went on a shopping spree! They added a whopping 202,037 Ethereum (ETH) to their treasure chest, pushing their total Ethereum stash to over 3 million. Talk about a crypto-shopping binge!
A Little Market Panic, A Lot of Buying
In the chaos of the crypto market crash—which saw a staggering $19 billion disappear into thin air—BitMine decided to seize the moment. They proudly announced their new additions, and let’s just say, they’re sitting pretty with 3,032,188 ETH, purchased at an average price of $4,154. But wait! There’s more. They also have 192 BTC lying around and a slick $135 million stake in Eightco Holdings, plus $104 million in cash. Not too shabby, right?
BitMine: The King of Ether!
BitMine isn’t just playing around; they’re officially the largest publicly-traded Ethereum treasury in the whole world! 🎉 They even rank as the second-largest crypto treasury globally, just behind Michael Saylor’s empire, which boasts over $73 billion worth of digital goodies. Tom Lee, the chairman of BitMine, gave an enthusiastic shout-out: “The liquidations over the last few days dropped ETH prices, and we jumped in with both feet. We’ve got over 3 million ETH now, which is 2.5% of the total supply. Our goal? A magical 5% of ETH!”
When in Doubt, Buy ETH!
As BitMine’s ETH portfolio grows, so does interest in their stocks. Their ticker symbol, BMNR, is dancing up 3.4% as we speak, trading at a cheerful $54.45. Recently, they made waves on U.S. exchanges, landing as the 22nd most traded stock with a jaw-dropping $3.5 billion trading volume just on Friday!
Ethereum: The Corporate Treasure of 2025?
2025 seems to be shaping up to be a big year for Ethereum as a corporate treasury asset, but not everyone is convinced. Enter Bitcoin diehards, who are less than thrilled. For example, Bitcoin guru Nick Szabo recently raised an eyebrow, declaring that Ethereum has a “fundamental problem,” suggesting that most of its glory is linked to outside factors rather than ETH’s inherent value.
The Bullish Optimism and Skepticism
Another notable voice, crypto entrepreneur Samson Mow, pointed out that Ethereum’s rising prices are partly fueled by $6 billion from Korean retail investors. He’s skeptical that Ethereum’s bullish trends are purely market-driven.
Meanwhile, there are ETH enthusiasts who staunchly support the digital coin. Joseph Chalom, CEO of SharpLink, recently sang Ethereum’s praises, arguing it’s a better treasury asset than BTC. As of now, BTC is holding its own at $4,165, seeing a 1% uptick in the last 24 hours. The battle of the cryptos rages on, folks!