Well, butter my biscuit and call me astonished! BitMine Technologies, a crypto treasury outfit helmed by the ever-optimistic Tom Lee, has gone and done it again. They’ve hoarded a whopping 2.4 million Ethereum coins, which, by the way, is more than 2% of the entire Ethereum pie. 🥧 That’s right, folks-they’re sitting on a digital goldmine worth a cool $10.1 billion, give or take a few million. Makes you wonder if they’re planning to build a fortress made of blockchain, doesn’t it?
In their press release-which, let’s be honest, reads like a love letter to Ethereum-they boasted about snapping up these coins at an average price of $4,500 each. Now, that’s about 7.25% higher than the current market price of $4,200. 🤑 So, they’re technically underwater, but they’re swimming with the confidence of a man who’s convinced the tide will turn. “Smart move for the long run,” they say. Well, I’ve heard drunks at the saloon say the same thing about their fifth whiskey, so let’s see how this ages.
According to the Strategic ETH Reserve data-which I assume is some sort of crypto oracle-no other corporate treasury holds as much ETH. The runner-up, SharpLink Gaming, is trailing behind with a mere 838,150 coins. 🏆 BitMine’s combined assets now total $11.4 billion, putting them in the big leagues alongside Strategy, which holds 639,835 coins worth over $74 billion. That’s enough to make a Rockefeller blush.
Now, here’s the kicker: BitMine went on a shopping spree earlier this month, gobbling up 46,255 ETH for $200 million. Then, like a kid with a candy addiction, they tossed in another $65 million, boosting their share of the total supply to 1.5%. 🛍️ But here’s the twist-despite all this wheeling and dealing, BitMine’s stock (NYSE: BMNR) took a nosedive, dropping 10% in pre-market trading. At the time of writing, it’s languishing under $55, while Ethereum itself slipped 7.42% on the same day. Talk about a double whammy! 😬
So, what’s the moral of this tale? Well, as the great Mark Twain once said, “October is one of the peculiarly dangerous months to speculate in stocks.” Though, I reckon he’d have a field day with crypto. 🌪️ Whether BitMine’s move is genius or madness remains to be seen, but one thing’s for sure-they’ve got the world watching. And in the wild west of crypto, that’s half the battle. 🤠
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2025-09-23 01:07