Ethereum News Today: BitMine's Ethereum Holdings Soar as Shares Plummet in Crypto Downturn

BitMine Stock Tumbles as Ethereum Treasury Swells to $13.7 Billion Amid Market Volatility

BitMine Immersion Technologies (BMNR) has surged to become the world's largest corporate holder of Ethereum, amassing 3.4 million ETH—worth $13.25 billion at current prices—amid a turbulent crypto market. The firm's latest purchases, including 82,353 ETH acquired over the past week, have pushed its Ethereum holdings to 2.8% of the circulating supply, bringing it more than halfway toward its goal of owning 5% of the asset. Despite this aggressive accumulation, BMNR shares have fallen over 25% in the past month, reflecting broader market pressures and investor skepticism about crypto's near-term trajectory, according to a PR Newswire release.

Chairman Thomas "Tom" Lee remains bullish, citing Ethereum's strengthening fundamentals and a post-liquidation market reset as catalysts for a year-end rally. "The market is consolidating," Lee stated on CNBC, pointing to surging stablecoin volumes and record application revenues on the Ethereum network, according to Yahoo Finance. He predicted Bitcoin could climb to $150,000–$200,000 and Ethereum to $7,000 before year-end, a forecast that would significantly bolster BitMine's treasury. The firm's Ethereum holdings alone are now valued at $12.5 billion, trailing only Strategy Inc.'s $71 billion Bitcoin treasury, according to a separate Yahoo Finance report.

BitMine's strategy has drawn strong institutional backing, with its stock becoming one of the most actively traded in the U.S., averaging $1.5 billion in daily trading volume. The company's balance sheet includes $389 million in unencumbered cash, a $62 million stake in Eightco Holdings, and 192 Bitcoin, while its Ethereum purchases have averaged $3,909 per token—well below the current $3,617 price, as Yahoo Finance reported. This discount has allowed BitMine to build its treasury at a perceived bargain, though recent Ethereum price declines have eroded the value of its holdings.

Ethereum's price action remains volatile, trading at $3,617 as of press time—a 6% drop over 24 hours—after a record $19 billion liquidation event in October. Analysts at Matrixport note that BitMine's net asset value (NAV) is "marginally above issuance levels," suggesting potential dilution risks if the firm continues to raise capital to fund purchases, according to a Crypto.news article. Meanwhile, the Ethereum network's post-Fusaka upgrade in December could spark renewed buying interest, though bearish technical indicators, including a 20% monthly decline, indicate ongoing selling pressure, as Crypto.news reported.

Institutional confidence in BitMine's strategy is evident, with support from firms like ARK Invest, Pantera Capital, and Galaxy Digital. However, the company's stock performance has lagged its treasury growth, dropping 8% on Monday alone as broader crypto equities struggle with valuation challenges, Yahoo Finance reported. Lee emphasized that the firm's liquidity and institutional backing position it to "lead the recovery," but market participants remain wary of crypto's regulatory and macroeconomic headwinds.