Altcoins News
By Evie Vavasseur
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65 Weeks of Buying, No Pause. The number that stands out isn't the dollar figure. It's the streak.
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Tom Lee's Bullish Read on Q3. Tom Lee, Bitmine's chairman, did weigh in on the broader market picture.
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Stock Jumps, Month Nearly Up 40%. Investors seem fine with the pain, at least for now.
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Bitmine Immersion Technologies just got bigger. The company added 53,501 ETH to its already massive pile, pushing its total holdings past 5.9 million Ethereum tokens.
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At an Ether price of $2,511 — where it sat as of Sunday — that stack is worth roughly $14.8 billion. That's not a typo.
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The number that stands out isn't the dollar figure. It's the streak. Sixty-five weeks of consistent Ether purchases, without a single break, even as the broader crypto market…
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The company's target is 5% of Ethereum's circulating supply. Right now, 120.7 million ETH is circulating. Bitmine holds 4.9% of that.
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That silence is kind of interesting on its own. Most companies at this stage — sitting on nearly $15 billion in a single asset, staring down $5.
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Tom Lee, Bitmine's chairman, did weigh in on the broader market picture. He said Ethereum, along with Bitcoin and Solana, has been one of the top performers since June 30.
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Lee's read makes sense if you look at what's happened to Ether's price since mid-year. Crypto broadly has shown more life than a lot of macro assets.
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Read also: Bitwise Moves $15.4 Million in XRP as Price Dips to $1.30
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Bitmine's own position is probably the most direct expression of that thesis. If you believe Ethereum outperforms, you buy as much as you can when the price is down. The $5.
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Investors seem fine with the pain, at least for now. On the New York Stock Exchange, Bitmine's shares — ticker BMNR — rose 1.3% on Monday, hitting $24.09.
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The stock's rise probably reflects a few things happening at once. Crypto is recovering. Ether specifically is performing well.
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There's also a narrative angle here. Bitmine is now, pretty much, the defining institutional Ethereum holder. At 4.
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