BitMine Scoops 54,000 ETH For $173M, Pushes Total Holdings To 3.6M

BitMine Immersion Technologies bought over 54,000 ETH last week, worth around $173 million. The firm now holds nearly 3.6 million ETH, close to 3% of the circulating supply, along with a cash reserve of $607 million.

BMNR shares slipped 2.6% on Monday. Chairman Thomas Lee said the current crypto weakness stems from a sharp liquidity drop, possibly because a market maker reduced activity after the October 10 crash.

Lee added that BitMine does not believe the market has reached its cycle peak, highlighting tokenization as a major long-term driver.

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