Tom Lee’s Bitmine Immersion Purchases $82M Ethereum, BMNR Stock Soars
As reported by Lookonchain, Bitmine Immersion Technologies, led by prominent crypto analyst Tom Lee, is deepening its Ethereum acquisition strategy, recently purchasing 28,625 ETH for $82,11 million. This addition further consolidates the company’s Ethereum treasury, thereby enhancing its reputation as the single largest holder of the digital asset.
This acquisition is exactly a day after Bitmine received 21,537 ETH — valued around $60 million — from FalconX as part of a continued buy-the-dip strategy. The firm has been reported to be working on its public communications, after which users will gain more detail on its Ethereum and Bitcoin’s custodial holdings, equity ownership of Eightco Holdings and cash on hand.
The previous week, Bitmine confirmed that its Ethereum holdings are 3.6 million ETH, roughly 2.9% of total Ethereum’s supply. With the addition of other digital assets as well as cash on hand, the firm currently holds almost $12 million in total assets, implying that Tom Lee is true to his stance on Ethereum and Bitcoin.
The market reaction to the company’s continued buying activity is a positive one, as demonstrated through the surging 5% in pre-market BMNR and other digital assets by Betmine.
The rise of BMNR share prices is occurring as the Federal Reserve cuts interest rates and BMNR hints that the December rate cut announcement is coming. Bitmine shares closed at $26 on Friday and saw a daily low of $24.33, a daily high of $26.77, and a trade of over 44 million shares.
Despite a 50% drop over the last month of the crypto-marketing turmoil, it is BMNR’s steadily growing institutional ownership that has produced a 258% increase of this stock over the year. Fintel reports ownership growing from 10 million shares to 100 million shares over the past month.
Ethereum has fallen sharply. After the last 24 hours of trading and rising volume, it’s current market price is $2,793. The last 24 trading hours saw a low of $2,763, a high of $2,883, and 33% increase of trading volume over the prior period.
There has been a decline of 2% in total futures over the past four hours and 0.56% a decline in the last 24 hours to $33.83 billion. Ted Pillows cites Ethereum’s $2,850 to $2,900 as over extended and at this crucial point with a focus on resistance points where Ethereum has a chance to go $2,500 if it fails to hold support at that level.
Accumulation of Ethereum by Bitmine Immersion showcases investors confidence. Specialists observe the impact of the price of ETH and the stock price of BMNR in light of the macroeconomic conditions.
Conclusion
The recent purchase of 82 million dollars of Ethereum by Bitmine Immersion Technologies showcases the firm’s confidence in the crypto market, in particular Ethereum and Bitcoin. Tom Lee has seemingly unwavering confidence in crypto.
Ethereum is Always being analyzed for its price. Bogomin’s Continued Ethereum accumulation has also positively affected the company’s BMNR stock.
With the ever-increasing interest from institutions in the crypto market, and with the macro environment, BNIT’s actions indicate the influence of Large Treasury Investing Firms on the market.
