Key Insights:
- Bitmine Immersion Technologies expands Ethereum holdings to 2,069,443 ETH worth over $9.2 billion.
- Tom Lee says Wall Street and AI will create a supercycle for Ethereum.
- BMNR stock slips 0.3% as the firm invested $20 million in Eightco Holdings for WLD treasury.
Bitmine Immersion Technologies added 202,469 ETH for $874.59 million to its Ethereum treasury. Fundstrat’s Tom Lee-backed firm sets milestone as it expanded its total Ethereum holdings above 2 million ETH after the latest purchase.
BMNR stock price was down nearly 0.3% in premarket trading hours on Monday. Traders reacted immediately to the announcement and stock movements, causing ETH price to drop 0.70% in an hour.
Bitmine Boost Total Ethereum Holdings Above 2 Million ETH
Public-listed Bitmine Immersion Technologies disclosed its crypto and cash holdings of $9.21 billion, according to an official announcement on September 8.
Tom Lee-backed company expanded its total Ethereum holdings to 2,069,443 ETH, accounting for $8.942 billion at an average price of $4,321 per ETH. The total holding is worth nearly $8.89 billion at the current market price.
The company purchased an additional 202,469 ETH for $874.59 million between September 1-7, according to on-chain data. Also, the company continues holding 192 BTC and $266 million in additional cash.
Bitmine continued to position itself as the top Ethereum treasury company and the 2nd largest crypto treasury, behind Strategy Inc. (MSTR). Chairman Tom Lee reaffirmed his stance that ETH will reach $60,000 in the long term.
As The Coin Republic reported earlier, BitMine Immersion last purchase 153,075 ETH for $665.8 million.
BMNR Stock Price Slips as Bitmine Invests in WLD Treasury
At the time of writing, BMNT stock price fell nearly 0.3% to $41.57 during pre-market trading hours on Monday. This comes as Bitmine made a strategic investment of $20 million in Eightco Holdings for WLD treasury.
Bitmine stock closed 0.36% lower at $42.04 on Friday. The stock price has rallied almost 26% in a month and more than 479% year-to-date, as per Yahoo Finance.
Analysts expect Bitmine chart to rebound with larger trading volumes in the coming weeks. BMNR stock price targets are $70 and $160.
Recently, Fundstrat revealed that BMNR stock became one of the most traded in the US. The stock recorded an average daily trading volume of $2.3 billion.
Chairman Tom Lee Reminds About ETH Supercycle
Tom Lee claimed that both Wall Street moving onto the blockchain and the artificial intelligence building a token economy will result in a supercycle for Ethereum. Moreover, the SEC Project Crypto and GENIUS Act will contribute to boosting opportunities for Ethereum and ETH.
“At BitMine, we are leading our crypto treasury peers by both the velocity of raising crypto NAV per share and by the high trading liquidity of our stock.”
The company plans to support the Ethereum ecosystem with this strategic investment in OCTO. Tom Lee said this marks the start of BMNR’s “Moonshot” strategy as World is an ERC-20 native token.
ETH Price Holds Above $4,300
ETH bull strongly held price above the $4,300 level, up 0.2% over the last 24 hours. The 24-hour low and high were $4,271 and $4,336, respectively.
The price jumped with support from a 30% increase in trading volume in the last 24 hours. This indicates that investors are considering Tom Lee’s bottom signals.
Crypto analyst IncomeSharks pointed out that Ethereum price is holding support after reclaiming. This is the opposite of bearish sentiment about September seasonality.
Moreover, Ethereum is recording a dynamic shift. The amount of ETH in the staking entry queue has surpassed the ETH in the validator exit queue.
CoinGlass data showed mixed sentiment in the derivatives market. At the time of writing, the total ETH futures open interest was up only 0.14% to $59.69 billion in the last 24 hours.
4-Hour ETH futures OI on CME and Binance jumped more than 0.59% and 0.57%, respectively. This signals cautious trading among derivatives traders amid uncertainty and capital rotation to other altcoins.