BitMine Shares Stop Bleeding on $195 Million Ethereum Buy

Core Insights - BitMine Immersion Technologies added $195 million worth of Ethereum to its holdings, now owning 3% of the total supply, equating to 3.63 million Ethereum valued at $10.1 billion [1][2] - Despite a recent stock price drop of 43% over the past month, BitMine's shares rose 10% to $28 on Monday [2] - The company reported an increase in unencumbered cash from $607 million to $800 million, while still holding 192 Bitcoin and a $38 million stake in a crypto treasury firm [3] Company Performance - BitMine's stock price fell to a four-month low of $24.33 last week before recovering to $28, reflecting a significant decline in the past month [2] - The recent acquisition of 69,822 Ethereum represents a 1.9% increase from the previous week, marking it as the second smallest purchase of the year [2] Market Context - The purchase of Ethereum comes amid heightened scrutiny of crypto-buying firms, as their market caps approach the value of their digital assets [3] - Ethereum's price recently fell to a four-month low of $2,680 but has since recovered to around $2,859, showing a 2.2% increase over the past day [5] - A Myriad prediction market indicates only 32% of respondents believe Ethereum will rise to $4,000 in its next significant move, reflecting overall pessimism [5]