BitMine invests heavily again to purchase 70,000 ETH! Holdings exceed 3% of the total Circulating Supply, Tom Lee: Ethereum will only fall to 2,500 USD at worst.

Original Title: BitMine adds nearly 70,000 Ether, account floating loss expands to 4.25 billion USD! Tom Lee: The cost-performance ratio for buying the dip is extremely high now.

Original author: Aspen

Source:

Reprint: Daisy, Mars Finance

The world's largest Ethereum treasury company, BitMine Immersion Technologies (BMNR), announced on the evening of November 24 that it had significantly increased its holdings again in the past week, spending to buy 69,822 ETH.

BitMine pointed out that this increase in holdings has officially pushed BitMine's Ethereum holdings beyond the 3.62 million mark, reaching 3,629,701 ETH, accounting for 3% of the total circulating supply of Ethereum in the network. This means that they have completed two-thirds of their long-term publicly declared goal of “5% alchemy” (i.e., holding 5% of the total Ethereum supply).

Tom Lee: Ethereum dropped to a low of $2,500

BitMine continues to point out that its total asset scale (cryptocurrency + cash + high-risk investments) has reached 11.2 billion USD, with the following specific composition: 3,629,701 ETH; 192 Bitcoins; investment in Eightco Holdings (ORBS) of 38 million USD (internally referred to as the “moon landing plan”); 800 million USD in cash with no collateral restrictions.

Regarding this increase in positions and the future market of Ethereum, BitMine Chairman Tom Lee remains optimistic, stating in the announcement:

BitMine has now acquired 3% of the circulating supply of Ethereum. Last week, BitMine purchased 69,822 ETH tokens. The American Manufacturing Validator Network (MAVAN) will also become a “top-tier solution,” providing secure staking infrastructure and is set to be deployed in early 2026.

Over the past week, cryptocurrency prices have continued to decline, reflecting the impaired market liquidity since the crash on October 10, as well as the weak state shown by the technical indicators. A few weeks ago, we pointed out that the risk of a pullback in ETH price was around $2,500, and currently, the ETH price has basically reached this level. This means that the risk/reward has become asymmetric, with only 5% to 7% of downward space left, while once the upward trend begins, it will be an unprecedented super cycle for Ethereum.

BitMine floating loss of 4.25 billion USD

However, although BitMine continues to accumulate, on the same day the on-chain data analysis firm Lookonchain pointed out that after this accumulation of Ethereum, BitMine's total holdings exceeded 3.62 million ETH, but its average purchase price per Ether still reached as high as $3,997. As ETH continues to decline, it has also caused its account to suffer a floating loss, which has expanded to $4.25 billion.

BMNR rebound 12%

However, it is worth noting that BitMine experienced a rebound after the U.S. stock market opened on the evening of November 24th Taiwan time, briefly surging to 29 dollars during the session. The intraday increase reached 12%, and the market capitalization also rebounded to 7.4 billion dollars.