In a move that left the crypto world buzzing (and a few financial analysts clutching their pearls), BitMine shares surged by over 6%. The trigger? A treasury report that made it abundantly clear: the company now holds a staggering 3.5 million ETH, inching closer to that dazzling 3% of the entire Ethereum supply. A mere trifle, really, when you’re playing the big game.
- BitMine’s stock leaped 6% after announcing it now controls 3.5 million ETH.
- They scooped up $400 million in ETH during the market dip, swelling their treasury to a cool $13.2 billion.
On November 10, BitMine Immersion Technologies grinned as it revealed it had gobbled up 110,288 Ethereum tokens just last week, making the most of the market’s brief moments of weakness. This hefty $400 million investment brought the company’s total stash to 3.5 million ETH, or about $12.7 billion at today’s prices. Yes, billion, with a “B”.
Chairman Tom Lee, ever the master of understatement, framed this move as nothing short of genius. “The market dip was an irresistible opportunity, and we pounced,” Lee remarked, as if he were talking about buying socks on sale rather than multi-million-dollar tokens. BitMine’s Ethereum acquisition rate has shot up by 34% week-over-week, so let’s just say they’re on a roll, eyes fixed firmly on the 5% mark of the ETH supply. Only a stone’s throw away. One would think they’re playing a game of Monopoly with Ethereum’s supply.
“The recent dip in ETH prices presented an attractive opportunity and BitMine increased its ETH purchases this week,” Lee declared, with all the excitement of a child in a candy store. “We are now more than halfway toward our alchemical goal of 5% of ETH. And, in case you were wondering, we also bumped our cash holdings from $389 million to $398 million.”
The BitMine Stock Rally: Not Just a Crypto Fad
BitMine’s remarkable 6% jump on November 10 was just the latest chapter in what has become a legendary rally. Since July, the company’s stock has surged by more than 300%, even after a comedown from its October peak above $56. According to Yahoo Finance data, it’s been one hell of a ride. At around $42 a share, BitMine remains the go-to liquidity source for blockchain-linked equities. Institutional capital? Oh, it’s coming in by the truckload as the crypto market gingerly attempts a recovery.
In fact, according to Fundstrat’s latest intel, BitMine traded a staggering $1.6 billion daily on average during a recent five-day stretch. This puts it at the 48th spot among the most traded stocks in the U.S., sandwiched between Lam Research and Arista Networks. That’s right, folks-BitMine is now rubbing shoulders with the titans of tech, those familiar giants of the stock market.
In a power move for the ages, BitMine and Michael Saylor’s empire (with its $67 billion Bitcoin treasury, the world’s largest) now control a mind-boggling 88% of all global digital asset treasury trading volume. The crypto world is looking less like the Wild West and more like a heavily guarded vault, and these two are the bouncers.
As of the latest data, Ethereum was hovering around $3,550, having briefly flirted with the $3,649 mark before pulling back. Just another day in crypto-land, where volatility reigns supreme and fortunes are made (or lost) in the blink of an eye.
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2025-11-10 22:51