Ethereum Rises to $2,000 as Tom Lee's BitMine Tops Up $9 Billion ETH Treasury
BitMine Immersion Technologies, the largest Ethereum treasury firm by holdings, added 60,976 ETH—worth about $123 million—to its reserves over the past week, bringing its total to 4,534,563 ETH (valued at approximately $9.14 billion at $2,015 per ETH). The firm also holds $1.2 billion in cash and $13.4 million in Bitcoin. Ethereum has experienced notable price volatility, rising nearly 5% over the last week but remaining below $2,000 until early Monday. Despite this recent uptick, traders remain bearish on ETH's near-term outlook, with a majority predicting a drop to $1,500. BitMine’s unrealized losses on its ETH holdings approach $7.8 billion due to significant price declines since ETH’s peak last August. The company has staked $6 billion worth of ETH and plans to stake the remainder to generate yield, targeting annual earnings of about $259 million. BitMine’s share price has increased over 3% today but is down 10% over the past month, while broader markets are affected by geopolitical tensions and rising oil prices.
