"Bitmine Immersion Technologies ( NYSEAMEX:BMNR ) shares surged more than 11% in midday trading today, outpacing more modest gains by the broader market. The rally followed disclosures of aggressive Ethereum ( ) purchases totaling tens of millions in multiple tranches. Recent buys included 28,625 ETH for $82.11 million and 21,537 ETH for nearly $60 million from FalconX. These moves boosted Bitmine's total holdings to over 3.6 million ETH, equating to 3% of the network's supply. Valued at roughly $2,840 per ETH,"
"Ethereum and Bitcoin ( ) have plunged into freefall over the past month, erasing billions in market value and reigniting fears of a prolonged crypto winter . ETH, trading around $2,860 today, has shed over 25% in the past month, dipping below key support at $2,700 before today's slight rebound. Bitcoin has fared almost as bad, down nearly 21% to about $87,200, testing $80,000 levels amid reduced trading volumes and heightened volatility."
Bitmine disclosed aggressive Ethereum purchases, including 28,625 ETH for $82.11 million and 21,537 ETH for nearly $60 million from FalconX. These acquisitions raised Bitmine's holdings to over 3.6 million ETH, roughly 3% of the network supply and worth more than $10 billion at about $2,840 per ETH. Ethereum and Bitcoin have plunged over the past month, with ETH down more than 25% and BTC down nearly 21%, amid reduced trading volumes and heightened volatility. The Fear & Greed Index sits at extreme fear (13) with only 40% green days in the last 30. Bitmine's stock has fallen over 50% from October highs, mirroring losses seen at Strategy (R).
Read at 24/7 Wall St.
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