BitMine Doubles Down on Ether With $70M Buying Spree Despite Market Slump
BitMine Immersion Technologies has loaded up on Ether through the newest market downturn, including practically $70 million value of ETH in simply three days.
Key Takeaways:
- BitMine purchased practically $70 million value of ETH in three days, doubling down through the market pullback.
- The agency now holds about 3.7 million ETH and says it’s over 60% towards a long-term objective of proudly owning 5% of provide.
- Chairman Tom Lee believes Ether is coming into a Bitcoin-style development cycle regardless of short-term losses.
Blockchain data shared by Lookonchain exhibits the corporate purchased 7,080 Ether for about $19.8 million on Monday, following a separate buy of 16,693 ETH for roughly $50.1 million over the weekend.
The shopping for continues an aggressive accumulation technique that has seen the agency construct one of many largest company ETH stockpiles out there.
BitMine Bet on Ether Deepens Despite Paper Losses
BitMine positions itself as the most important Ether-focused digital-asset treasury by a large margin, in line with trade trackers.
The firm says it now holds round 3.7 million ETH at a median value of $3,008 per token, leaving it underwater at present costs.
Even so, administration has not slowed purchases. The agency claims it’s roughly 62% of the best way towards a longer-term goal of controlling 5% of the overall Ether provide.
Last month, Tom Lee, govt chair of BitMine, mentioned Ether may be entering the early levels of the kind of explosive development cycle that propelled Bitcoin to a 100x rally since 2017.
Lee mentioned the present Ether market resembles Bitcoin’s setup eight years in the past, a interval marked by deep volatility that finally preceded one of many strongest bull cycles in crypto historical past.
Lee famous that his agency first advisable Bitcoin to Fundstrat purchasers in 2017 when BTC traded close to $1,000.
Since then, Bitcoin suffered a number of drawdowns of as much as 75%, but nonetheless surged greater than 100-fold from that preliminary name.
“We imagine ETH is embarking on that very same Supercycle,” he wrote, arguing that Ether’s current weak spot displays doubt, not deterioration.
“To have gained from that 100x Supercycle, one needed to abdomen existential moments to HODL.”
ETH has trailed Bitcoin for a lot of 2025, even because the market reached new document highs. Ether notched its all-time high of $4,946 in August, whereas Bitcoin topped out above $126,000 in October.
BitMine Names New CEO
BitMine has also appointed a new chief executive as the corporate continues to construct one of many largest Ether treasuries amongst publicly traded corporations.
Last month, the corporate mentioned Chi Tsang will change Jonathan Bates as CEO, with the transition taking impact instantly.
“With its substantial Ethereum holdings and credibility with each Wall Street and the Ethereum ecosystem, BitMine is positioned to turn into a number one monetary establishment,” he mentioned.
Alongside the management change, BitMine appointed three new impartial board members.
As repored, Ethereum whales have significantly increased their exposure as ETH hovers close to $3,000, a pattern analysts say has traditionally preceded main market reversals.
CryptoQuant knowledge exhibits wallets holding between 10,000 and 100,000 ETH have accrued 7.6 million ETH since April, a 52% bounce, whereas smaller holders proceed to trim their balances.
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