BIG MONEY, BIGGER DROP 💸 – ETHEREUM SLIDES DESPITE $1.1B BITMINE PURCHASE
BitMine Immersion (BMNR) added 264,378 ETH worth $1.1B last week, expanding its treasury to over 2.4M ETH valued at $10.13B. Despite the massive purchase, Ethereum (ETH) fell 7% on Monday, dropping below its 50-day SMA for the first time in two months.
📌 BitMine secured a $365M stock purchase deal at a premium and announced a warrant package worth up to $913M, potentially raising $1.28B. Chairman Thomas Lee highlighted the accretive nature of the deal, reinforcing its strategy to grow ETH reserves.
Currently, BitMine’s balance sheet includes $11.4B in assets, spanning $ETH , $BTC , Worldcoin treasury exposure, and $345M in cash. It holds the largest ETH treasury among public companies.
🔎 Market Outlook: ETH bulls defended the $4,000 support after the sharp pullback. A failure here could shift focus to the 100-day SMA, while recovery strength may hinge on broader macro flows like the Fed’s 25bps rate cut.
