BitMine Immersion Technologies (BMNR), the cryptocurrency treasury firm led by popular Wall Street analyst Tom Lee, continues to buy the dip in Ethereum (ETH).
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BitMine acquired 96,798 Ethereum over the past week as the price steadily declined, continuing a buying spree even as crypto treasury firms come under pressure with prices spiraling downward. News of BitMine’s latest purchase comes with the price of ETH down 10% on Dec. 1 and trading at $2,725.00.
BitMine now owns 3.73 million Ethereum tokens worth $10.5 billion, extending its position as the largest Ethereum treasury company in the world. Tom Lee’s crypto firm also owns 192 Bitcoin worth $16.3 million and reportedly has about $882 million of cash on hand.
BMNR Stock Under Pressure
BitMine, which is known as a serial cryptocurrency acquirer, has a stated goal of acquiring 5% of all the available Ethereum on the market. BMNR stock is under pressure and down 12% on Dec. 1, plunging alongside the price of ETH.
However, Tom Lee remains undeterred and continues to both talk up cryptocurrencies and to purchase Ethereum through BitMine. In fact, BitMine has remained one of the few firms to continue buying ETH as its price has fallen nearly 30% in the past month. This despite the firm sitting on nearly $4 billion in unrealized losses on its ETH holdings.
Is ETH a Buy?
Most analysts don’t offer ratings or price targets on Ethereum. So instead, we’ll look at the three-month performance of ETH. As one can see in the chart below, the price of Ethereum has fallen 30% over the last 12 weeks.
