Bitmine Immersion Technologies, the largest Ethereum treasury, has purchased an additional 28,625 ETH. Tom Lee-backed Ethereum treasury firm continues to buy the dip, according to on-chain data on Monday. BMNR jumps almost 5% during premarket hours.
Tom Lee’s Bitmine Immersion Buys $82.11 Million in Ethereum
Funstrat’s Tome Lee-backed Ethereum treasury firm Bitmine Immersion Technologies added another 28,625 ETH worth $82.11 million, Lookonchain reported on November 24.
Bitmine Immersion Technologies Buys Additional Ethereum. Source: LookonchainBitmine made another massive move from FalconX in two days. On Sunday, the firm received 21,537 ETH worth almost $60 million from FalconX. The firm will release an official announcement later today to disclose its Ethereum, Bitcoin, stake in Eightco Holdings, and cash.
Last week, Bitmine announced 3.6 million ETH holdings, accounting for 2.9% of the Ethereum supply. The total crypto holdings and cash are worth almost $12 billion. Tom Lee remains bullish on ETH, as well as Bitcoin.
BMNR Stock Rebounds
BMNR stock is trading nearly 5% higher during the premarket trading hours on Monday. This comes amid massive ETH buying as Fed rate cut odds jumped following recent comments and reports that Jerome Powell supports a rate cut in December.
Bitmine shares closed at $26 on Friday, with a 24-hour low and high of $24.33 and $26.77, respectively. Also, trading volume was higher than the average volume of 44 million.
The stock has dropped almost 50% in a month amid the crypto market crash. The year-to-date (YTD) performance has reduced to 258%. As per Fintel data, institutional ownership has increased from 10 million to 100 million shares within a month.
Bitmine Immersion’s Institutional Ownership. Source: FintelWill ETH Price Reclaim Above $2,900?
ETH price has pared all gains over the past 24 hours, with the price currently trading at $2,793. The 24-hour low and high are $2,763 and $2,883, respectively. Furthermore, trading volume has increased by 33% in the last 24 hours.
Derivatives data showed selling in the last few hours, with total ETH futures open interest dropping 2% in the last 4 hours. The 24-hour ETH futures open interest has reduced to 0.56% to $33.83 billion, at the time of writing.
Analyst Ted Pillows pointed out that Ethereum attempted to reclaim the $2,850-$2,900 level, but failed. If it doesn’t reclaim above the level, ETH price could risk dropping to $2,500.
ETH Price 1-Day Chart. Source: Ted PillowsAlso Read: 8 Proven Ways to Earn Passive Income with Crypto in 2025
Source: https://coingape.com/tom-lee-bitmine-immersion-buys-ethereum-bmnr-stock-jumps/
