The post Bitmine Buys $49M More ETH During Dip appeared com. Market Updates Bitmine just grabbed another $49M of ETH even while prices tank. Now sitting on 3. 5M ETH worth $10B second only to Strategy. Tom Lee says market makers are still broke from October crash, so pain lasts a few more weeks. Bitmine just scooped up another 17, 242 ETH for about $49 million on November 21. Which is pushing its total stash to roughly 3. 5 million ETH worth over $10 billion. That puts them right behind Strategy as the biggest corporate Ethereum holder. Even with ETH sliding hard to $2,780 and the whole market looking rough, Bitmine keeps stacking. The old mining outfit turned treasury giant is dead set on grabbing around 5% of all Ethereum out there someday. They fund the buys with fresh cash raises, staking rewards, and quiet OTC deals through desks like FalconX and BitGo so they don’t rattle the spot price. Why Prices Still Hurt Chairman Tom Lee told CNBC the market’s still stuck because big market makers got burned in the October 10 liquidation mess and haven’t rebuilt their balance sheets yet. He says it’s like 2022 all over again took eight weeks back then, we’re six weeks in now, so maybe a couple more weeks of pain before things loosen up. Bitmine’s own stock (BMNR) got hammered over 10% to $26. 02, but the company isn’t blinking. They see Ethereum as the backbone for DeFi, smart contracts, and tokenization for years to come. As liquidity creeps back, everyone’s watching if this aggressive dip buying pays off big. Source:.
Tag: tom lee
The post BitMine Increases Ethereum Holdings Amid Market Volatility appeared com. Key Points: BitMine expands Ethereum holdings by 34% during market downturn. Chairman Tom Lee sees Wall Street’s interest in blockchain building. CEO Chi Tsang aims to bridge Ethereum with capital markets. This acquisition, central to BitMine’s strategy, aims to bolster Ethereum’s role in institutional finance despite mixed market reactions and potential liquidation risks. BitMine’s 34% Ethereum Acquisition During Downturn BitMine, under the leadership of Tom Lee and new CEO Chi Tsang, recently increased its Ethereum holdings to position itself at the forefront of the financial industry’s interest in blockchain developments. With institutional backing and an ambitious target of owning 5% of the total Ethereum supply, BitMine aims to cement its influence in the market. This expansion comes during a period of volatility in the cryptocurrency market, where retail investors have seen significant fluctuations in ETH valuations. The company has acquired a total of 3. 5 million ETH, representing 2. 9% of the current circulating supply. This acquisition signals aggression in consolidating Ethereum, despite recent 13. 4% price declines. BitMine’s strategy mirrors past accumulation tactics seen in the crypto sphere, similar to MicroStrategy’s Bitcoin buildup. Tom Lee, Chairman, BitMine Immersion Technologies, “The recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.” (source) Ethereum Market Performance and Institutional Interest Did you know? Ethereum has seen significant adoption in institutional finance, reflecting its growing importance in the blockchain ecosystem. Ethereum’s current market dynamics reveal fluctuating performance metrics. According to CoinMarketCap, Ethereum (ETH) is valued at $3,196. 09, holding a market cap of approximately $385. 76 billion and a market.