Despite a choppy start to the week, BitMine Immersion Technologies (BMNR) shares jumped today after the company revealed a massive investment in its future. The stock is up 2.66%, trading at $18.88 today. This positive market reaction follows the company’s disclosure that it purchased more than 71,000 Ether (ETH-USD) over the past week, making it the most aggressive corporate crypto buyer in the market right now.
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Tom Lee Accelerates Buying as Others Back Away
This move is particularly striking because it comes at a time when other digital asset treasuries are pulling back. For the first time in months, BitMine stands alone as the only major corporate buyer moving at this scale. Even Strategy (MSTR), which recently ended a 13-week Bitcoin (BTC-USD) buying streak, has paused its accumulation.
BitMine has now increased its buying pace for four weeks in a row. The company shifted from its usual average of about 45,000 ETH to this new record level. This aggressive strategy has pushed BitMine’s total holdings to over 4.73 million ETH, which accounts for nearly 4% of the entire token supply.
Crypto Market Downturn Creates a Buying Window for BitMine
Tom Lee remains unmoved by the recent dip in crypto prices. He views the current market struggle, fueled by high oil prices and global tensions, as the final stage of a downturn. While other firms are waiting for the dust to settle, Lee is using the lower prices to build a massive position.
The company is currently sitting on a total pile of crypto and cash worth $10.7 billion. In addition to its mountain of Ethereum, BitMine holds 197 Bitcoin and nearly $1 billion in cash and other equity stakes. Lee’s team is clearly betting that Ethereum will lead the next market recovery, regardless of the short-term noise.
Strategy Ends Long-Standing Purchase Streak
The shift in the market became clear when Strategy finally stopped its weekly buying routine. For over three months, Michael Saylor’s company was the primary force in corporate crypto buying. Strategy has left BitMine as the sole whale still active in the market after stepping aside this week.
The recent 3-month chart shows the stock is still stabilizing after a steep decline in early February. However, today’s move suggests that the market is rewarding the company’s decisive long-term strategy.
Is BitMine Stock a Good Buy?
Turning to TipRanks, BMNR stock has a Moderate Buy consensus rating based on two Buy ratings from analysts assigned in the last three months. The average 12-month BMNR price target sits at $36, implying an upside potential of 92.10%.
