BitMine Adds 12,535 ETH to Treasury as Tom Lee Cites Macro and Tech Headwinds
BitMine Immersion Technologies (BMNR) stated on Monday its crypto, money, and fairness holdings had been value $15.1 billion on October 18, down from $16.2 billion per week earlier.
Most of that complete is Ethereum (ETH). BitMine marked its Ether at $2,365 per token, utilizing Coinbase costs, in opposition to $2,544 within the prior replace. That is its lowest weekly mark for the reason that replace for August 16, in accordance to its SEC filings.
The firm purchased 12,535 ETH over the week, taking its treasury to 6,041,481 tokens. That equals 4.9% of the 122.1 million ETH in provide, in need of BitMine’s 5% aim. The purchase almost matched the 12,532 ETH BitMine added within the week to October 11.
Cash and marketable securities fell to $582 million, the fourth weekly drop in a row from $714 million on September 20. BitMine’s launch offers no motive for the money decline.
Lee Cites AI Stock Selloff
Chairman Tom Lee warned in a submit on X on October 13 {that a} droop in South Korean equities could hit crypto. He stated in Monday’s launch that buyers’ urge for food for danger has shrunk over the previous few weeks. He tied that to considerations over AI funding and AI mannequin security. Lee additionally cited the escalating US-Iran battle, nervousness forward of the US midterm elections and rising bond yields worldwide.
Lee stated these worries set off a selloff in AI shares, together with chip and reminiscence makers. That selloff then unfold to South Korea and Taiwan, whose inventory markets these firms dominate, he stated.
“Crypto is broadly held within the US, Korea and Taiwan. So naturally, when buyers in these areas de-risk, this creates spillover pressures in crypto markets,” Lee acknowledged.
He famous that previous worth drops that got here whereas fundamentals held up have supplied engaging danger and reward. He stated he expects the identical this time, citing crypto’s publicity to modernizing monetary rails and to agentic AI.
Legal Note Drops The Finished-Buying Line
Lee stated in an October 7 video message that BitMine wanted about 100,000 extra ETH. BitMine’s subsequent weekly launch then added a line to its be aware on forward-looking statements, and that line cited a administration assertion that BitMine is basically completed shopping for ETH.
Monday’s be aware drops that assertion. Its wording on shopping for matches the updates by way of the week to October 4, which cited continued weekly ETH acquisitions, with none clarification.
The identical be aware lists Lee’s staking projections. He put annual staking income at $309 million on the 5,067,309 ETH BitMine has staked. That staked depend has not moved in any weekly replace since August 9. Fully staked, he stated, the treasury would earn $369 million at a 2.58% seven-day yield.
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