Tom Lee’s BitMine Rises as Ethereum Rebounds, Firm Adds $321 Million in ETH
Analysis
Price Impact
HighSignificant institutional accumulation of $321 million in eth by bitmine, a firm that now holds over $13.8 billion worth of eth. this signals strong institutional confidence and demand.
Trustworthiness
HighThe news comes from a reputable source (decrypt) quoting a publicly traded firm (bitmine) and a well-known financial analyst (tom lee from fundstrat global advisors). specific figures for holdings and acquisitions are provided.
Price Direction
BullishBitmine's continued large-scale accumulation of eth, coupled with tom lee's bullish sentiment linking crypto's performance to improving global trade relations and 'risk-on' asset correlation, suggests positive price momentum. ethereum has already rebounded, and user sentiment is largely bullish.
Time Effect
LongInstitutional accumulation on this scale (holding over $13.8 billion in eth) typically reflects a long-term investment strategy and confidence in the asset's future appreciation.
Original Article:
Article Content:
In brief BitMine Immersion Technologies added $321 million worth of ETH last week. The company now holds over $13.8 billion worth of ETH, leading the Ethereum treasury accumulation race. BitMine shares are up more than 5% on the day. Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE BitMine Immersion Technologies added another $321 million worth of Ethereum (ETH) to its stockpile over the last week, the NYSE American-traded firm said Monday, with its holdings rising in value due to Ethereum’s recent rebound. And its stock is climbing Monday, as well. The Tom Lee-fronted firm now holds 3.313 million ETH valued at over $13.8 billion, plus it has 192 Bitcoin (about $22 million worth) and $305 million in on-hand cash. The company added 77,055 ETH over the last week. BitMine is the largest Ethereum treasury firm by far, outpacing runner-up SharpLink Gaming (SBET) with its $3.58 billion in ETH holdings. It’s the second largest overall crypto treasury behind Strategy, which holds over $73 billion worth of Bitcoin. Ethereum has been on the rise in recent days alongside the rest of the crypto market, climbing 3% over the last week to a recent price of $4,166. Overnight, ETH rose as high as $4,246, the highest mark registered by CoinGecko in the last two weeks. Lee, the chairman of BitMine and co-founder and head of research at Fundstrat Global Advisors, cited improving trade relations between the United States and Canada for why Ethereum is on the rise again after a catastrophic crypto market plunge earlier this month. "The progress in trade talks between U.S. and China is a positive for Ethereum and crypto broadly,” said Lee in a statement. “These are global assets and rising tensions triggered the largest ever deleveraging in crypto a few weeks ago. While the fundamentals of Ethereum and crypto are 'uncorrelated' to equities, Fundstrat work has shown that in the past 15 years, Ethereum and crypto perform better when equities rise, meaning crypto is correlated to 'risk-on' assets via the associated leverage channel.” BitMine’s stock is climbing Monday following both ETH’s weekend rise and the purchase announcement, with shares of BMNR recently changing hands for $53.15—up more than 5% so far on the day. Myriad users remain bullish on Ethereum’s prospects, currently giving ETH a nearly 80% chance of rising to a price of $4,500 sooner than it can plunge to $3,100. (Disclaimer: Myriad is a product of Decrypt ’s parent company, Dastan.) Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Your Email Get it! Get it!