Core Insights - Shares of Peter Thiel-backed crypto companies Bullish (NYSE: BLSH) and Bitmine Immersion (NYSE: BMNR) opened higher on October 13 following a significant crypto market crash over the weekend [1][2] - Bullish is a major crypto trading exchange, while Bitmine Immersion is the largest Ethereum treasury and the second-largest digital asset treasury firm [1] - Peter Thiel holds a 9% stake in Bitmine Immersion and is one of the earliest investors in Bullish [1] Company Performance - BLSH stock opened at $61.41, peaked at $62.09, and later fell to $58.90 [2] - BMNR stock opened at $54.21, reached a high of $55.40, and was trading at $53.13 [2] Market Context - The crypto market experienced a dramatic decline, losing over $19 billion in value, with the total market cap dropping from $4.1 trillion to $3.6 trillion due to President Trump's tariff threat on Chinese imports [3] - Bitcoin's price fell from an all-time high of $126,198.07 to $105,000 following the announcement [3] - As of the time of writing, the total crypto market cap had rebounded to $3.86 trillion, with Bitcoin trading at $113,972.59 [4]

Core Insights - BitMine Immersion Technologies, a leading publicly traded Ethereum treasury firm, has capitalized on the recent dip in cryptocurrency prices by acquiring 202,037 ETH, valued at approximately $838 million, increasing its total ETH holdings to 3,032,188 ETH, worth over $12.5 billion [1][2] - The firm aims to accumulate 5% of the total Ethereum supply, having already secured more than 3 million ETH at an average price of $4,154, which is close to the current price of about $4,163 [3] - BitMine is now the largest publicly traded Ethereum treasury company and the second-largest crypto treasury overall, following Strategy, which holds over $73 billion in Bitcoin [2] Market Context - The recent decline in ETH prices, which fell to as low as $3,686 amid significant crypto liquidations totaling $19 billion, was influenced by geopolitical tensions, specifically threats of new trade tariffs from President Trump [4] - Following the price drop, ETH has rebounded, gaining over 9% in the last 24 hours as market sentiment improved with a softening of trade war rhetoric [4] - Other firms, such as MARA Holdings, have also taken advantage of the market dip, purchasing $46 million in BTC during the downturn [5] Company Performance - BitMine's shares (BMNR) opened approximately 4.35% higher on Monday, trading at $54.75, although they have seen a decline of around 9.35% over the last five trading days [6]

BitMine Immersion Technologies (BMNR) announced total crypto and cash holdings of $1.29 billion, including 3.03 million ETH (about 2.5% of Ethereum’s total supply), 192 BTC, $104 million in cash, and other assets. The company increased its ETH holdings by 202,037 tokens during recent market liquidations, taking advantage of the price drop. https://t.co/By1MiXNtLI ...

Core Insights - BitMine now holds over 2.5% of the total ETH token supply, aiming for a target of 5% [1][2] - The company's total crypto, cash, and "moonshot" holdings amount to $12.9 billion, including 3.03 million ETH tokens and $104 million in unencumbered cash [1][2] - BitMine is recognized as the largest ETH treasury globally and the second-largest crypto treasury overall, following Strategy Inc [2] Financial Performance - BitMine's average daily trading volume is $3.5 billion, making it the 22nd most traded stock in the US [1][4] - The company has recently acquired 202,037 ETH tokens, increasing its holdings to over 3 million ETH [2][4] - BitMine's trading volume share, along with MSTR, constitutes 88% of all global DAT trading volume [5] Institutional Support - BitMine is backed by prominent institutional investors, including ARK's Cathie Wood, Founders Fund, and Pantera [1][2] - The company continues to attract institutional capital due to its high liquidity and trading volume [5] Strategic Vision - The Chairman's Message emphasizes the potential of Ethereum in a Supercycle driven by AI and Wall Street's entry into blockchain [4] - The GENIUS Act and SEC's Project Crypto are viewed as transformative for financial services, akin to the end of the Bretton Woods system in 1971 [2]

Group 1 - Cryptocurrency-linked equities experienced gains in pre-market trading, recovering from the recent "Black Friday" crash [1][4] - Major stocks such as Bitmine, MARA Holdings, Coinbase, and Bullish saw significant increases, with Bitmine rising by 6.73% and MARA Holdings by 3.81% [2][3] - The overall crypto market showed signs of recovery, with Bitcoin trading at $115,261.73, up 3.55%, and Ethereum at $4,174.39, up 9.32% [5] Group 2 - The rally in cryptocurrency stocks was influenced by easing trade tensions between the U.S. and China, following positive remarks from Trump [4] - Strategy Inc. exhibited a high growth score, indicating strong historical expansion in earnings and revenue compared to other cryptocurrency-linked stocks [6]

Core Viewpoint - BITF increased nearly 16%, while IREN rose over 8%, indicating strong market performance for these companies [1] Company Performance - BITF saw a significant rise of nearly 16% [1] - IREN experienced an increase of over 8% [1] - BMNR and CIFR both rose over 7% [1] - HOOD, Circle, and CLSK each saw gains of over 5% [1]

Core Viewpoint - Bitmine Immersion (BMNR.US) has significantly increased its Ethereum reserves, acquiring over $103 million worth of Ethereum, bringing its total holdings to $12.6 billion [1] Group 1: Company Actions - Bitmine purchased 23,823 Ethereum from BitGo, valued at approximately $103.68 million, increasing its total Ethereum holdings to 2.87 million [1] - The company's strategy involves raising funds through equity issuance and strategic acquisitions, mirroring the approach of Michael Saylor's Strategy (MSTR.US) [1] - Bitmine aims to hold 5% of the total circulating Ethereum supply globally [1] Group 2: Financial Details - The latest acquisition has brought Bitmine's total Ethereum value to $12.6 billion based on current market prices [1] - The company previously announced a direct offering priced at $365.24 million, along with details regarding its asset holdings [1]

Core Viewpoint - BitMine Immersion Technologies (NYSE: BMNR) experienced a stock decline of over 5% on October 9 due to a short-selling decision by Kerrisdale Capital, which criticized the company's business model as being outdated [1][3]. Company Overview - BitMine is recognized as the world's largest Ethereum-focused digital asset treasury (DAT) firm, holding 2.83 million ETH tokens valued at over $12 billion and 192 Bitcoin valued at more than $23 million [1][2]. Market Position - Despite a nearly 30% increase in stock value over the past month, the recent short-selling announcement led to a 4.7% drop in stock price [3]. - BitMine is positioned as the second-largest Bitcoin treasury firm, following Michael Saylor's Strategy [2]. Industry Dynamics - The investment firm Kerrisdale Capital highlighted that the proliferation of crypto investment vehicles, including similar DATs and exchange-traded funds (ETFs), has overwhelmed investors [4]. - Kerrisdale Capital suggested that the DAT model has become basic and unoriginal, recommending that investors directly purchase Ethereum or utilize the growing number of ETFs instead of paying a market premium for BitMine [5]. Leadership Commentary - Tom Lee, the chairman of BitMine, lacks the strong following that Michael Saylor commands, which may impact investor confidence [7]. - The DAT model was once effective when there were fewer public companies, but the current market saturation has diminished its appeal [8].

Short-selling firm Kerrisdale Capital announced a short position in Bitmine (BMNR) stock, stating that the DAT model has become highly homogenized, with intensified market competition causing premiums to decline rapidly. Kerrisdale emphasized that it is not shorting ETH, but believes BMNR’s model lacks scarcity and sustainability, and that the logic behind its premium trading is no longer valid. https://t.co/mOxoZnj7yD ...

Group 1 - The cryptocurrency sector stocks mostly declined on Thursday, with notable drops in several companies [1] - Strategy (MSTR.US) fell over 2%, SharpLink Gaming (SBET.US) dropped more than 5.6%, and Bitmine Immersion Technologies (BMNR.US) decreased by over 4.6% [1] - Coinbase (COIN.US) experienced a slight decline, while Circle (CRCL.US) saw a modest increase of 0.55% [1]