BitMine’s 20% Surge: Ethereum’s $70K Splash & Its Wild Ride to 6 Million ETH

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Key Takeaways

What’s BitMine’s ETH holdings goal? 

Ah, the eternal quest for wealth and dominance. BitMine’s target is a lofty 6 million ETH, and with a stash of 3.63 million ETH, it’s reached a mere 60% of its “grand” goal. Only 2.4 million more to go. Piece of cake, right? 🍰

How did the latest bid affect markets? 

BitMine’s stock BMNR went on a 20% ride to the moon, while the price of ETH jumped 5% to defend its dear $2.8k support. It’s almost as if the market just can’t help but notice when BitMine does something… interesting. 😏

BitMine Immersion, the self-proclaimed “largest Ethereum [ETH] treasury firm” (a title that probably feels pretty fancy at cocktail parties), is now sitting pretty with 60% of its goal in place. Not bad for a company that likes to throw around numbers like 3.63 million ETH, which represents 3% of the total ETH supply. It’s a game of “who can buy the most Ethereum,” and apparently, BitMine is winning. 🏆

In the most recent move, BitMine purchased a cool 69,822 ETH, a decision no doubt influenced by the recent dip when ETH slipped to $2.6k. A discount, if you will. The firm was quick to take advantage, and Tom Lee, BitMine’s fearless leader (and CIO of Fundstrat), saw the move as an “asymmetric risk/reward” opportunity. Because when life gives you a 5% dip, you buy, right?

“A few weeks ago, we noted the likely downside for ETH prices would be around $2,500 and current ETH prices are basically there. This implies asymmetric risk/reward as the downside is 5% to 7%, while the upside is the supercycle ahead for Ethereum.”

BitMine’s Aggressive ETH Bid

Since October, BitMine has been on a relentless ETH-buying spree, snatching up approximately 122K ETH per week. At this pace, in less than a year, it has accumulated 3% of the total ETH supply. Who needs patience when you’ve got a wallet this deep? 💸

To hit its goal of 6 million ETH at this pace, it’ll take about 20 weeks, or just five months. Not too shabby for a company that seems to have all the time in the world and an insatiable appetite for ETH. 👀

As a result, BitMine’s stock BMNR shot up a juicy 20%, reaching $31.1 at the time of this writing. This isn’t just a financial move-it’s practically a performance art piece. 🎭

But don’t get too comfortable. BitMine has been single-handedly driving treasury inflows, with the pace of demand cooling off in October and staying pretty flat in November at around 70K ETH per week. Maybe the market’s starting to catch its breath. Or perhaps it’s just letting BitMine run out of steam? 🤷‍♂️

ETH Price Action

On November 24th, ETH bounced back with a 5% surge, showing its resilient side as it defended the sacred $2,800 support. A true hero, ETH recovered and made it look easy. At press time, it was sitting pretty at $2.88k, with hopes of reaching $3k, assuming Bitcoin can pull its act together and break through $90k. In this game, it’s all about the domino effect. 🏗️

Despite the relief bounce, some were making moves to cut their losses after the recent Q4 dip. On Binance, netflow spiked, meaning more ETH was flowing in to be sold. The eternal dance of buying low and selling high. Or is it selling low? 🤔

However, fear not, for institutional flows are back in town, and ETFs have recorded two consecutive days of inflows. Could this spark a recovery? Only time will tell, as the market waits for a little more optimism to come its way. 🤞

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2025-11-25 20:12