BitMine Don Raise ETH Reserves Reach 3.63M, E Dey Face $4.3B Loss
BitMine Immersion Technologies (BMNR) don raise dia Ethereum reserves go reach 3.63 million ETH, wey be about 3% of all di ETH wey dey. For two weeks, di company buy 180,110 ETH. Di price for ETH dey around $2,500, so di ethereum wey dem get dey worth about $9.1 billion. But since dem buy am for average price wey be $3,997–$4,020 each, BitMine dey face paper loss of about $4.25 billion. Di total assets of di company na $11.2 billion, including 192 BTC, $38 million for ORBS and $800 million cash. Di CEO, Tom Lee, talk say small drop of 5–7% fit happen before beta Ethereum super cycle go show and dem plan to launch MAVAN staking platform for early 2026. After di aggressive way dem dey collect ETH, di BMNR shares jump 12% to $29, and market cap reach $7.4 billion. Traders see say dis increase for BitMine Ethereum reserves na good sign for long-term recovery.
Bullish
BitMine die aggressive way e dey gather ethereum reserve so for the current dip show say institutional confidence strong wella, e dey support short-term price stability plus e dey provide floor near where price dey now. For long term, people dey expect one Ethereum super cycle plus the MAVAN staking platform wey go launch soon fit make demand and price rise more. Historically, when big company dem dey buy for treasury na e dey match with bullish momentum, e dey make ETH get better outlook.