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Tom Lee’s BitMine is shopping for the dip, snapping up $480 million price of Ethereum after the most recent market sell-off.
Lookonchain stated on X that six wallets linked to BitMine withdrew 128,718 ETH from FalconX and Kraken. The purchase adopted a flash crash triggered by US President Donald Trump’s announcement that he would slap further 100% tariffs on China’s exports.
”It’s simpler for BitMine to attain the ‘alchemy of 5%’ at $3,800 ETH than $10,000 ETH,” stated BitMine, the most important ETH treasury agency. ”PS: simply reality.”
FACT: It’s simpler for BitMine to attain ‘the alchemy of 5%’ at $3,800 ETH than $10,000 ETH
PS: only a reality
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) October 11, 2025
BitMine Needs To Personal 5% Of ETH’s Provide
The most important altcoin by market cap had plunged as little as $3,504.32 from above $4k up to now 48 hours, in response to information from CoinMarketCap.
ETH value (Supply: CoinMarketCap)
ETH is now down greater than 16% over the previous week to commerce at $3,802.79 as of 1:08 a.m. EST.
Information from StrategicETHReserve reveals BitMine holds round 2.83 million ETH price roughly $10.76 billion on its stability sheet. SharpLink Gaming has the second-largest ETH treasury with 838.7K ETH .
BitMine’s holdings account for two.34% of ETH’s whole provide, which is greater than half the agency’s objective to carry 5%.
BitMine Share Woes Proceed
BitMine’s ETH accumulation has been accompanied by a drop within the agency’s share value in latest weeks.
That steepened on Friday, when its shares plummeted greater than 11%, in response to Google Finance. It’s down an additional 1% in after-hours buying and selling
BitMine share value (Supply: Google Finance)
Kerrisdale Capital stated this week that’s has shorted BitMine, calling the agency’s ETH treasury technique a ”relic.”
In a analysis notice, Kerrisdale stated traders are higher off simply shopping for ETH immediately.
This isn’t the primary report concerning a crypto firm from the short-seller. It has additionally guess in opposition to Riot Platforms and Michael Saylor’s Technique. Riot Platforms stated Kerrisdale’s feedback had been “unsound,” whereas Technique ignored it.
Regardless of the criticism, BitMine shares have soared greater than 671% over the previous six months.
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