Tom Lee’s Bitmine Immersion Technologies (BMNR) is pressing even harder into the market dip. The Ethereum treasury giant purchased another 28,625 ETH worth $82.11 million, according to Lookonchain’s on-chain data. The latest accumulation helped push BMNR stock up 3.6% in premarket trading today, reflecting investor enthusiasm for Bitmine’s aggressive buying streak.
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This marks the company’s second major inflow from FalconX in just forty-eight hours. On Sunday, Bitmine received 21,537 ETH valued at nearly $60 million. The firm plans to issue an official announcement later today, outlining its updated Ethereum and Bitcoin holdings, its stake in Eightco Holdings (ORBS), and its cash position.
Bitmine’s footprint has already grown massive. Last week, the company revealed it now holds 3.6 million ETH, equal to 2.9% of the entire Ethereum supply. Its combined crypto assets and cash sit near $12 billion. Tom Lee continues to express long-term bullishness on both Ethereum and Bitcoin, staying active while most of the market steps back.
BMNR Stock Rebounds as Institutions Load Up
The continued ETH accumulation is lifting Bitmine’s share price, giving BMNR its first solid bounce after weeks of heavy selling. The stock closed at $26 on Friday, but the morning rally indicates investors are responding positively to Bitmine’s conviction.
Growing expectations of a Federal Reserve rate cut, after reports that Jerome Powell supports a December move, are also boosting appetite for crypto-linked equities.
Even with today’s uptick, BMNR remains down nearly 50% over the past month, a reflection of the broader crypto market drawdown. Its year-to-date gain has narrowed to 258%.
Institutional participation continues climbing. Fintel data shows ownership soaring from 10 million shares to 100 million within a month, a dramatic increase that signals deeper conviction from professional money managers.
Ethereum Fights to Reclaim $2,900 as Momentum Stalls
Ethereum’s price action remains stuck in a frustrating loop. ETH trades around $2,799 today with a daily range between $2,763 and $2,883. Trading volume climbed 33% over the last twenty-four hours, though derivatives flow paints a more cautious picture.
ETH futures open interest dropped 2% in the past four hours and is down 0.56% over the full day to $33.83 billion. Momentum is slipping toward the sell side again.
Analyst Ted Pillows highlighted that Ethereum tried to reclaim the $2,850 to $2,900 range but failed. If ETH cannot break back above this band soon, price risks sliding toward the $2,500 area. The resistance has consistently held, making a breakout crucial for restoring a sustained uptrend.
Bitmine Doubles Down While ETH Searches for a Foothold
Bitmine Immersion is betting hard that the current weakness is temporary. Its steady accumulation of ETH stands in stark contrast to jittery retail sentiment and declining futures positioning. Whether Ethereum can reclaim $2,900 may determine how quickly Tom Lee’s timing pays off again.
At the time of writing, ETH is sitting at $2,798.95.
