Finance
What to know:
- Ah, the ever-watchful BitMine Technologies snatched up 202,037 ETH tokens like a child grabbing cookies from a jar, just when prices decided to play hide and seek, as declared by none other than Chairman Thomas Lee.
- Now, this firm has managed to tuck away over 3 million ETH, claiming a hefty 2.5% of the entire market supply, while the rest of us mere mortals can only admire their digital hoard from afar.
- In a spectacle of crypto ballet, BitMine elegantly pirouetted away from exchanges, whisking off substantial ETH amounts after a flash crash sent the market into a frenzy akin to a cat chasing its own tail.
The illustrious BitMine Technologies (BMNR) made waves last week, buying up what can only be described as ethereal leftovers after the crypto price dip, adding a sumptuous 202,037 tokens (or roughly $828 million if you care about earthly currencies) to its burgeoning treasure chest, as reported on a rather ordinary Monday.
In a statement dripping with shrewdness, our dear Thomas Lee remarked, “The crypto liquidation over the past few days has caused an embarrassing tango of price declines in ETH, and of course, BitMine knew precisely when to join the dance.” Who knew volatility could be so fashionable?
Continuing with the flair of a seasoned theatrical performer, he added, “Such volatility leads to a delightful deleveraging, causing assets to waltz at substantial discounts to their regal fundamentals-what we affectionately call a ‘substantial discount to the future.’ It’s a space where investors gain while traders trip over their own feet.” Bravo, Thomas, bravo!
This rather audacious acquisition nudged the company to hold over 3 million ETH, inching them closer to their grand ambition of capturing 5% of the ethereal realm, or at least making their neighbors green with envy.
In the wake of Friday’s chaotic crypto flash crash, those freshly minted addresses-likely belonging to our good friends at Bitmine-snatched up more than 128,718 ETH (worth $480 million at that dramatic juncture) from exchanges like Kraken and the likes of FalconX. Our sleuthing friends at Lookonchain were quick to note this thrilling escapade on Saturday. They also suggested that another 43,843 ETH might have been part of this clever caper.
Though the blockchain analysts have yet to ink these addresses as Bitmine’s on platforms such as Arkham, the numbers certainly do enjoy a harmonious sync with the rumored holdings of our dear corporate titan.
As the plot thickened, ETH, once a dashing $4,500 on Thursday, found itself tumbling down to $3,500 by late Friday-a rather unceremonious dip, spurred by trade tensions reminiscent of an old comedic skit between the good ol’ U.S. and China. As President Trump decided to up tariffs by 100% in a fit of economic fervor, ETH even managed a cheeky rebound to $4,100 come Monday. Quite the drama!
In a dazzling turn of events, BMNR found itself in the limelight, up 4.3% in pre-market trading after closing Friday’s session 11% lower at $52.47, proving yet again that in the world of finance, one man’s loss is another’s comedic gain.
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2025-10-13 17:47