Key Insights:
- Bitmine Immersion added 9,176 ETH worth $29.18 million.
- BMNR stock falls 2% further after dropping 9.86% to $36.57.
- ETH price tumbled 10% to a low of $3,112, creating selling pressure.
Bitmine Immersion, the largest corporate Ethereum treasury, purchased an additional 9,176 ETH, according to on-chain data on Friday.
Fundstrat’s Tom Lee-backed firm added these ETH cheaply amid the crypto market crash. The firm has continued its accumulation strategy despite doubts raised amid the market meltdown.
BMNR stock price has dropped nearly 2% further in the premarket trading hours on Friday, after falling 9.86% a day ago due to ETH price crash.
Bitmine Immersion Adds Over $29 Million in ETH
Bitmine Immersion Technologies added another 9,176 ETH worth $29.18 million, on-chain expert Lookonchain reported on November 14.
On-chain data revealed that a newly created wallet 0x9973, potentially linked to Bitmine, received ETH from Galaxy Digital.
On Monday, Bitmine disclosed a net crypto and cash holdings of $13.2 billion. The Ethereum treasury company purchased an additional 110,288 ETH for $397.83 million, while also holding 192 BTC and $398 million in cash.
Tom Lee-backed company expanded its total Ethereum holdings to 3,505,723 ETH, accounting for 2.9% of the supply of ETH.
Bitmine Immersion has also held its stake in Eightco Holdings worth $61 million. Tom Lee continues to hold a long-term outlook on AI and crypto convergence to play a crucial role in driving Ethereum growth.
Bitmine (BMNR) Stock Price Continues to Fall
BMNR stock closed 9.86% lower at $36.57 on Thursday. The 24-hour low and high were $36.05 and $40.13, respectively.
The stock has further dropped by 2.35% to $35.72 in the premarket trading hours on Friday. This signals selling pressure due to the latest crypto market crash.
However, Bitmine stock has continued to record massive volumes as Tom Lee saved the Ethereum treasury by selling 5.22 million shares at $70 per share and 10.4 million warrants with a strike price of $87.50.
As per Yahoo Finance, Bitmine stock has tumbled 35% in a month. And the year-to-date return has reduced to 404%.
Recently, Fundstrat revealed that BMNR stock was purchased by Ark Invest, Geode Capital, and other institutions. BlackRock disclosed a 3,407,322 BMNR shareholding.
Bitmine also appointed Chi Tsang as new CEO and three independent board members, signalling the next major phase of growth.
Ethereum Price Crashes 10%
ETH price dropped more than 10%, trading at $3,142 at the time of writing. The latest dip wiped out positive sentiment.
The 24-hour low and high were $3,112.43 and $3,509.17, respectively. Trading volume jumped 38% in the last 24 hours.
Analyst Ted Pillows pointed out that ETH is consolidating near the $3,200 level. Ethereum could dump below $3,000 if it breaks below this crucial level.
Source: https://www.thecoinrepublic.com/2025/11/14/tom-lees-bitmine-immersion-scoops-29m-in-ethereum-bmnr-stock-slips/
