Key Insights:
- Bitmine Immersion added 96,798 ETH worth $273 million to its Ethereum treasury.
- Tom Lee-backed firm boosts its total holdings to 3,726,499 ETH.
- BMNR stock tumbled 8% to $30.44 on Monday.
- Ethereum price risks falling to $2,500 if bulls fail to rebound the price above $3,000.
Bitmine Immersion, the largest Ethereum treasury, has acquired an additional 96,798 ETH worth $273 million. Fundstrat’s Tom Lee-backed firm continues to boost its Ethereum holdings by buying ETH on dips.
BMNR stock price fell more than 8% on Monday. Traders sold stock in their portfolio as ETH price tumbled 8% to below $2,800.
Bitmine Immersion Adds $293 Million in Ethereum
NYSE-listed Bitmine Immersion Technologies disclosed its crypto and cash holdings of $12.1 billion, according to an official announcement on December 1.
The company purchased an additional 96,798 ETH for $273 million between November 24-30. Also, the company holds 192 BTC and $882 million in additional cash.
It also holds a $36 million stake in Eightco Holdings (ORBS). This makes Bitmine Immersion the second-largest global crypto treasury, behind Michael Saylor’s Strategy.
Tom Lee-backed company expanded its total Ethereum holdings to 3,726,499 ETH, accounting for $11.52 billion at an average price of $3,008 per ETH. The total holding is worth nearly $10.43 billion at the current market price.
“As we look ahead to December, the Fusaka upgrade, aka Fulu-Osaka, is scheduled for activation on December 3rd and delivers an array of improvements in scalability, enhanced security, and usability,” said Tom Lee.
As The Coin Republic reported earlier, BitMine Immersion continued ETH purchases at dips. The firm last added 20,532 ETH worth $63.32 million.
BitMine (BMNR) Stock Price Jumps
At the time of writing, BMNR stock price was trading more than 8% lower at $30.49 on Monday. The stock closed at 1.88% higher $33.16 on Friday.
BitMine stock price jumped 19% last week amid the rebound in ETH price. As per Yahoo Finance, the stock has rallied almost 320% year-to-date.
Recently, Fundstrat revealed that BMNR stock remained one of the most traded in the US. The stock recorded an average daily trading volume of $1.7 billion last week.
ETH Price Falls to $2,800
The BitMine stock dip comes as ETH bulls failed to hold above $3,000 level, causing it to drop by 8% over the last 24 hours. The price is trading at $2,811, with a 24-hour low of $2,798 and a high of $3,049.
Trading volume saw a massive 118% increase in the last 24 hours. This indicates that investors are considering buying at dips.
Crypto analyst Ali Martinez turned extremely negative on Ethereum. He suggested using a dollar-cost-averaging strategy to accumulate between $2,200, $1,500, and $1,100.
The $3,000-$3,100 range remains a crucial resistance zone to break. However, a drop to $2,500-$2,600 could occur if ETH fails to hold the current level.
CoinGlass data showed mixed sentiment in the derivatives market. At the time of writing, the total ETH futures open interest was up only 0.54% in the past hour.
The 24-hour futures dropped more than 4% to $35.28 billion. On the other hand, the 4-Hour ETH futures open interest on CME and Binance tanked more than 1% and 3.50%, respectively.