Big Money, Bigger Drop 💸 – Ethereum Slides Despite $1.1B Buy from BitMine

Last week, BitMine Immersion (BMNR) made headlines with a massive $1.1 billion purchase of 264,378 ETH, yet Ethereum still tumbled — down 7% on Monday, falling below its 50-day SMA for the first time in two months.

📉 The Details:

BitMine now holds 2.4M ETH valued at over $10.13B.

Following its Sept 15 update, BitMine added 264K ETH worth $1.1B.

It struck a $365M stock sale deal, pricing 5.2M shares at $70 (a 14% premium).

A warrant deal could bring in $913M more, totaling a potential $1.28B+ capital raise.

💼 BitMine’s Balance Sheet:

$11.4B total assets

192 $BTC

$175M stake in Worldcoin's Eightco Holdings

$345M in cash

📊 Despite the massive buy-in:

ETH dropped below $4,000, a critical level.

Next support: 100-day SMA, if $4K fails to hold.

ETH bulls previously defended $4K in August — now facing a similar test.

ETH bounced off the 20-day SMA as Vitalik Buterin defended Ethereum’s validator queue design.

🔎 BitMine now holds the largest $ETH

reserve among public companies, owning over half of the 4.15M ETH held by listed treasuries.

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