Tom Lee's BitMine Buys More Ethereum—But Both ETH and BMNR Are Diving

Company Overview - BitMine Immersion announced the addition of over $265 million in Ethereum to its treasury, acquiring 96,798 ETH, but its stock fell 12% as crypto prices declined [1][2] - The company currently holds 3,726,499 ETH valued at $10.1 billion and 192 Bitcoin worth nearly $16 million, along with $882 million in cash and a $36 million stake in crypto treasury Eightco [2] Market Performance - BitMine's stock has increased by 301% year-to-date, despite a recent drop in ETH's price by 9.7% over a 24-hour period, trading at $2,745 per coin [2] - The average purchase price for BitMine's Ethereum was $3,008, indicating a significant unrealized loss given the current market price [2] Market Context - Ethereum's price is 45% below its record high of $4,946 from August, but market stabilization has been noted following a significant crash in October [3] - The October crash resulted in a record $19 billion in open interest being wiped out in the crypto markets [3] Industry Trends - Strategy, a leading company in crypto treasuries, announced the formation of a $1.44 billion U.S. dollar reserve to provide continuous dividends, even during downturns in Bitcoin prices [4] - Despite this reserve, Strategy has not ruled out the possibility of selling Bitcoin, reflecting a shift in their holdings strategy [5] Price Predictions - In a prediction market, over 76% of respondents expect Ethereum to drop to $2,500 in its next significant move, while the remainder anticipates a rise to $4,000 [7]