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BitMine Immersion Technologies (BMNR) purchased 96,798 ETH last week as prices dropped, bringing total holdings to 3.73 million ETH ($10.5 billion). The company also holds 192 BTC and $882 million in cash.
Why the aggressive buying?
- Fusaka upgrade (Dec. 3) – Expected to improve Ethereum’s scalability and security
- Fed policy shift – Anticipated end to quantitative tightening and potential rate cuts favor risk assets
The risk: BitMine carries roughly $4 billion in unrealized losses as ETH trades at $2,800, well below peak levels. The company’s stock fell 11% Monday.
Market context: Most crypto treasury firms have paused purchases or reduced holdings as prices fall. BitMine CEO Thomas Lee (Fundstrat co-founder) views current weakness as a buying opportunity, not structural decline.
The strategy bets on technical upgrades and macro conditions outweighing near-term volatility. BitMine increased weekly ETH purchases 39% compared to the previous week.
An experienced fintech marketer, now diving into Web3, crypto markets, and decentralized systems. Breaking down complex blockchain developments for accessible understanding.
