BMNR Crashes Below $30 As BitMine Doubles Down With 96,798 ETH Purchase
BitMine Immersion Technologies Inc. (NASDAQ:BMNR) has doubled down despite the Ethereum (CRYPTO: ETH) crash, scooping up 96,798 ETH last week, saying the company is only “two-thirds” of the way to long-term dominance.
BitMine Steps Up Accumulation Despite ETH’s 30% Monthly Drop
Chairman Tom Lee said the company bought roughly $273 million worth of Ethereum last week, marking a 39% increase from its prior weekly buying pace.
BitMine’s combined assets — including crypto, cash and equity stakes — now total $12.1 billion, powered largely by what Lee calls the world’s largest Ethereum treasury.
The Block’s data dashboard shows BitMine’s ETH stack fell from almost $14 billion in October to about $9.7 billion after a month-long, 30% drawdown in Ethereum prices.
Lee said the upcoming Fusaka upgrade on Dec. 3 and the Federal Reserve’s plan to end quantitative tightening both support further …
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