Bitmine add $52M worth ETH as price dey dip; 5% push to di treasury
Bitmine Immersion Technologies add about $52M worth of ETH even as Ethereum (ETH) drop 4.7% for the past week. CEO/Chair Tom Lee talk say the firm buy 26,497 ETH last week. Bitmine don hold over 5.4M ETH now, wey worth more than $10.5B, confirm say na the biggest Ether treasury dem be.
The company bin dey collect more than 100,000 ETH per week for three weeks early this year, but buying don slow down as the plan near the long-term target to own 5% of circulating ETH by 2026 (about 90% of the goal don already reach). Lee talk say dem slow because Ethereum fundamentals strong but e never full show for price — na common thing for early recovery when sentiment dey lag.
For traders, Bitmine continuous ETH accumulation fit provide medium-term spot support, but the recent ETH price weakness mean short-term downside pressure from wider market risk sentiment still dey.
Neutral
Bitmine steady dey accumulate ETH (26,497 ETH last week; over 5.4M ETH total) dey support ETH spot demand for medium-term, especially as e near di 5% treasury target. But both articles talk say near-term condition still weak: ETH don drop recently and purchases don slow as di company dey near im threshold. Lee talk say fundamentals dey improve but price never catch up mean say e fit be delay rather than immediate upside catalyst. Net effect: good for sentiment/structure, but no enough to overcome broader market risk pressure short-term.