By Omkar Godbole (All times ET unless indicated otherwise) Last week, CoinDesk flagged the potential for action in crypto cross pairs even as major tokens and the broader market looked lackluster against the dollar. Since then, the biggest cross by market value, ether (ETH) priced in bitcoin (BTC), has delivered, and today touched 0.036, the highest since Oct. 27. The ADA/BTC pair also advanced, touching its strongest level since Nov. 20. Bitcoin (BTC) dropped back after briefly popping to $94,500 late T ...

BitMine Immersion Technology (BMNR), the largest Ethereum treasury company, continued increasing its ether (ETH) holdings to now holding 3% of the second-largest cryptocurrency supply despite increasing headwinds for digital asset treasury firms amid plunging crypto prices. The firm chaired by well-known investor Tom Lee reported Monday that it acquired 69,822 tokens over the past week, worth around $195 million at current prices, bringing its holdings to 3.63 million tokens. The purchase comes alongside ...

Ark Invest added $39.6 million to its holdings of three crypto company shares on Wednesday as the broader crypto market dropped. Cathie Wood's investment management firm added 463,598 shares of crypto exchange Bullish (BLSH), worth $16.9 million at the close of trading, according to an emailed disclosure. It also bought 216,019 shares of stablecoin issuer Circle Internet Group (CRCL) and 260,651 of ether (ETH) asset treasury firm Bitmine Immersion Technologies (BMNR), worth $15.1 million and $7.6 million, ...

Group 1 - Corporate digital asset deployment remained subdued week-over-week due to ongoing deleveraging, but selling pressure eased with optimism surrounding a potential end to the U.S. government shutdown [1] - BitMine Immersion Technologies (BMNR) led the accumulation of digital assets, adding approximately $360 million in ether (ETH), increasing its ratio to 11.2 ether per 1,000 shares, significantly above the peer average of 4.0 per 1,000 [1][2] - The median market net asset value (mNAV) across 25 digital asset treasuries tracked by B. Riley decreased from 1.0 to 0.9, yet valuations are still considered attractive due to substantial discounts on crypto holdings [2] Group 2 - Digital asset treasuries underperformed their underlying tokens for the third consecutive week, with declines in bitcoin (BTC), ether (ETH), and solana (SOL) of 5.2%, 4.5%, and 0.9% respectively, although the slowing rate of decline may suggest a potential exhaustion of selling [3] - Short sellers have started to cover positions in companies like Strategy (MSTR), which saw its multiple contract from 2.0 in July to 1.1, indicating a possible setup for recovery [3] - Improving macroeconomic conditions, including a potential government funding deal and increased stablecoin adoption, could serve as catalysts for a market rebound [4]

BitMine Immersion Technologies (BMNR), the Ethereum-centric treasury firm led by Fundstrat’s Thomas Lee, bought 82,353 ether (ETH) through last week, worth roughly $306 million at early Monday prices, lifting its total holdings to 3.4 million tokens, the company reported on Monday. BMNR is lower by 5.7% in early Monday trading alongside a sizable late weekend and Monday drop in the crypto prices, with ETH lower by 3.5% over the past 24 hours to $3,715. The company said it also boosted its unencumbered ca ...

Core Insights - Corporate digital asset activity has remained subdued due to recent crypto deleveraging, but capital flows are beginning to normalize as U.S.-China trade talks progress [1] - B. Riley initiated coverage of several digital asset treasury companies (DATCOs) with buy ratings, including BitMine Immersion Technologies, SharpLink Gaming, FG Nexus, Kindly MD, and Sequans Communications [1] Group 1: Market Activity - Despite market weakness, DATCOs have continued to accumulate crypto, with BitMine Immersion leading by adding approximately $300 million in ether (ETH), raising its concentration ratio to 10.6 ETH per 1,000 shares compared to the group average of 3.9x [2] - The median market net asset value (NAV) for the 25 companies tracked by B. Riley improved to 1.1x from 1.0x, while the average remained steady at 1.0x [2] Group 2: Stock Buybacks - B. Riley anticipates that firms trading below NAV will initiate stock buybacks to reduce valuation gaps, referencing ETHZilla's success in monetizing crypto holdings for share repurchases [3] - Sequans Communications is highlighted as trading at the steepest discount in the group at 0.7x NAV, with third-quarter results expected on November 4 [3] Group 3: Institutional Adoption - Solana (SOL) has launched its first spot exchange-traded funds (ETFs) in Hong Kong and the U.S., attracting $800 million in first-day inflows, reinforcing its status as a tier-one asset alongside bitcoin (BTC) and ether [4] Group 4: Company Positioning - BitMine Immersion is viewed as the best-positioned company within the DATCO coverage, while SharpLink Gaming experienced a quiet week with no significant catalysts [5]

Core Insights - ETHZilla sold approximately $40 million worth of ether (ETH) from its treasury and has initiated a share repurchase program as part of a $250 million buyback plan [1][2] - The firm plans to continue selling ETH to fund further buybacks until the discount to net asset value (NAV) is normalized, currently holding around $400 million in ETH [2][5] - Following the buyback announcement, ETHZ shares experienced a significant rally, increasing by 14.5% on Monday and an additional 12% in after-hours trading [4] Group 1 - The company repurchased around 600,000 shares for approximately $12 million since the sale on October 24 [1] - The recent ETH sales occurred around the $3,900 mark, with ETH prices rising to $4,250 before settling at $4,150 [3] - The repurchase strategy aims to reduce the number of shares available for stock loan/borrow activity, thereby increasing NAV per share [6] Group 2 - The digital asset treasury sector is under pressure, with many stocks trading below their NAV due to significant price declines over recent months [5] - ETHZ's stock has dropped as much as 90% from its peak in August and is currently trading at a 30% discount to NAV [5] - The chairman and CEO emphasized the importance of opportunistically repurchasing shares while trading below NAV to enhance shareholder value [6]

Core Insights - BitMine Immersion Technologies (BMNR) has significantly increased its ether (ETH) holdings, purchasing over 200,000 tokens valued at approximately $800 million [1][2] - The company's total assets now amount to $13.4 billion, which includes $219 million in cash, 192 bitcoin (BTC), and a $119 million equity stake in Eightco Holdings (ORBS) [2] - BMNR's ETH holdings have reached 3.24 million tokens, representing about 2.7% of the total ETH supply, with a goal to increase this to 5% [2] Financial Performance - Following the recent purchase, BMNR's stock experienced an 8% increase as cryptocurrency prices showed a modest recovery over the weekend [3] - The firm has invested approximately $1.6 billion in ETH over the past two weeks, capitalizing on price declines following a significant market crash on October 10 [3] Market Context - Thomas Lee, the chairman of BMNR, indicated that the digital asset treasury sector may be facing challenges, with many firms trading below the net asset value of their holdings [4] - Despite the market conditions, BMNR is still maintaining a slight premium on its holdings compared to other firms in the sector [4]

Core Insights - The recent crypto crash resulted in significant losses for hackers, with at least six wallets linked to them losing over $13.4 million due to panic-selling of ether (ETH) [1][4][5] - The hackers' trading behavior indicates a lack of strategic decision-making, as they sold high and repurchased at a higher price, further compounding their losses [3][5][6] Group 1: Hacker Behavior - The hackers are part of a group involved in cryptocurrency theft, suggesting a coordinated effort among cybercriminals [2] - Their trading patterns during market volatility resemble those of over-leveraged traders, characterized by poor timing and emotional responses [5][7] - Despite the losses, the funds were likely acquired through hacking, meaning the financial impact may not be as severe as it would be for regular traders [6] Group 2: Market Dynamics - The sell-off began with one wallet offloading 7,816 ETH at $3,728, coinciding with the market's steep decline, followed by additional wallets contributing to the sell-off [3] - The total loss from these trading missteps reached $13.4 million by October 18, indicating the scale of the funds involved [4] - The hackers' actions reflect the current state of the crypto landscape, where even sophisticated actors can make significant errors under pressure [7]

Core Viewpoint - Citizens Bank predicts that ether (ETH) could exceed $10,000 within the next two years due to increasing adoption, institutional inflows, and a decreasing supply [1][6]. Group 1: Adoption and Demand Drivers - The bank highlights the accelerating adoption of Ethereum as a significant factor that will benefit ether, emphasizing its position as the leading smart contract platform [1][2]. - Institutional adoption, ETF inflows, and real-world asset tokenization are identified as major drivers of new demand for ether [4]. Group 2: Supply Dynamics - The report notes that by 2027, less than 50 million ether may remain liquid out of approximately 120 million currently outstanding, with 35 million already staked [5]. - Mechanisms such as staking, treasury absorption, and the EIP-1559 fee burn are contributing to a shrinking supply of ether [4][5]. Group 3: Market Impact and Valuation - The analysts observe that on-chain settlement volumes are expected to grow exponentially, with ether's market capitalization historically correlating with the total value secured on the network [6]. - In a constrained supply environment, even moderate capital inflows could significantly impact ether's price, leading to projections of it climbing well above $10,000 [6].