It appears our friends at BitMine, a firm with a positively ravenous appetite for the digital whatsits known as Ether, have been rather busy. Busy, that is, snapping up a further 34% more of the stuff during the recent, shall we say, minor inconvenience in the price. One rather suspects they view a dip as an invitation to a particularly thrilling shopping spree. 🧐
The announcement from BitMine Immersion Technologies – a name that sounds suspiciously like something out of a Jules Verne novel – revealed they’d acquired a hefty 110,288 Ether. This brings their total to a rather staggering 3,505,723 ETH, all purchased at an average cost of $3,639 a pop. Good heavens!
Their Chairman, a Mr. Tom Lee, proclaimed the recent price wobble an “attractive opportunity.” One can practically hear the gleeful rubbing of hands. He went on, in a tone one usually reserves for discussing the merits of a particularly fine sherry, to wax lyrical about Wall Street’s growing fondness for turning everything into blockchainy bits and bobs.
“To me, it is evident that Wall Street is very interested in tokenizing assets onto the blockchain, creating greater transparency and unlocking new value for issuers and investors. This is the key fundamental story and supports our view that Ethereum is a super cycle story over the next decade.”
BitMine, starting life as a simple cryptocurrency mining operation (how quaint!), has somehow morphed into the biggest Ethereum treasury plonker around. Their pile of Ether is currently worth approximately $12.5 billion. A sum that rather boggles the mind, doesn’t it? 💸
Their grand ambition, you see, is to own a full 5% of all the 120,696,594 ETH in existence. They’re currently at 2.9%, creeping ever closer to complete digital domination. One wonders if they have a little flag they’re planning to plant. 🏴☠️
Mr. Lee, who also dabbles in financial research with a firm called Fundstrat (one suspects they’re rather fond of charts and graphs), is, unsurprisingly, wildly enthusiastic about Ether’s future. He predicted a price of $10,000 to $12,000 before the year is out. A bold claim, even for a seasoned optimist.
And yet… as of this very moment, Ether is trading at a rather more modest $3,561. It’s had a bit of a rough patch, you see, falling 13.4% in the last fortnight. That means BitMine’s grand treasury is momentarily… well, slightly down on its investment. A 180% price hike is now required to fulfill Mr. Lee’s prophecy, which, one might gently suggest, is a bit of an ask. 😬
However, don’t shed a tear for BitMine just yet! Their stock, BMNR, has been having a smashing time on the market, soaring by a quite remarkable 400% this year to reach $41.15. Clearly someone, somewhere, is rather pleased with how things are going. Jolly good show! 🎉
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2025-11-11 04:43