Tom Lee’s Supercycle Message as Bitmine Expands Ethereum Holdings to $8.2B

Key Insights:

• Bitmine Immersion Technologies expands Ethereum holdings to 1,866,974 ETH worth over $8.2 billion.
• Tom Lee says Ethereum and ETH are in a similar supercycle seen in Wall Street after 1971.
• BMNR stock and ETH price slipped 2% as positive sentiment faded as the US market opened after the Labor Day holiday.

Bitmine Immersion Technologies added 153,075 ETH worth $665.8 million to its Ethereum treasury. The firm expanded its total Ethereum holdings above $8.2 billion after the latest purchase.

Traders didn’t respond immediately to the announcement as BMNR stock price was down nearly 1% in premarket trading hours on Tuesday. Chairman Tom Lee claimed Ethereum and ETH are witnessing a supercycle similar to the post-1971 Wall Street.

Bitmine Expands Ethereum Holdings Above 1.86 Million ETH

Public-listed Bitmine Immersion Technologies disclosed its crypto and cash holdings of $8.98 billion, according to an official announcement on September 2.

Tom Lee-backed company expanded its total Ethereum holdings to 1,866,974 ETH worth over $8.2 billion at market price. These were purchased at an average price of $4,458 per ETH, accounting for $8.322 billion.

The company purchased an additional 153,075 ETH for $665.8 million between August 25-31, according to Lookonchain data. Also, it holds 192 BTC and $635 million in cash.

With the latest purchase, Bitmine positioned itself as the top Ethereum treasury company and the 2nd largest crypto treasury, behind Strategy Inc. (MSTR).

As The Coin Republic reported earlier, BitMine Immersion last purchased 4,871 ETH worth $21.3 million. Tom Lee also shared a prediction of Ethereum price bottoming near $4,300.

BMNR Stock Price Slips

At the time of writing, BMNR stock price fell nearly 0.90% to $43.28 during pre-market trading hours on Tuesday.

Bitmine stock closed 4.28% lower at $43.62 on Friday. The stock price has rallied almost 37% in a month and more than 500% year-to-date, as per Yahoo Finance.

Analyst FibonacciTrading claimed Bitmine chart is still stronger as the pullback came on lower trading volume. He pointed out that a higher low in the daily chart sets $70 as the first target.

Chairman Tom Lee’s ETH Supercycle Message

Bitmine Immersion released the investor presentation “The Alchemy of 5%” and the August monthly video series “The Chairman’s Message.”

Tom Lee asserted that the SEC Project Crypto and GENIUS Act are multi-decade opportunities for Ethereum and ETH. He compared it to a growth witnessed in Wall Street after the USD formally went off the gold standard in 1971.

The company plans to boost its ETH holdings and shareholders value, while continuing its support of the Ethereum ecosystem.

ETH Price in Spot and Derivatives Market

ETH price fell nearly 3% over the last 24 hours and was trading near $4,280 at the time of writing. The intraday low and high were $4,221 and $4,422, respectively.

Trading volume increased by 9% in the last 24 hours, indicating a rise in interest as traders look for buy-the-dip opportunities.

Crypto analyst Michael van de Poppe Ethereum price has just started an uptrend after breaking the 20-week EMA. The bullish sentiment isn’t getting over in 3 months after seeing the longest bear market in history.

Derivatives markets showed selling persists, as per CoinGlass data. At the time of writing, the total ETH futures open interest fell 3.29% to $57.76 billion in the last 24 hours.

4-Hour ETH futures OI on CME and Binance dropped more than 2% and 1.80%, respectively. This signals cautious sentiment among derivatives traders.