BitMine Immersion Acquires $173M in Ether Amidst Market Liquidity Concerns
BitMine Immersion (BMNR) has acquired over 54,000 ETH valued at approximately $173 million, increasing its total Ether holdings to about 3.6 million ETH, representing roughly 3% of the outstanding supply. Concurrently, the company's cash reserves rose to $607 million, up from $398 million the previous week. BMNR also holds a small amount of Bitcoin and equity in Eightco (ORBS), a treasury firm focused on Worldcoin.
BitMine's chairman, Thomas Lee—co-founder and CIO of Fundstrat—attributes current cryptocurrency price weakness to diminished market liquidity following the October crash, describing the situation as a crypto-specific quantitative tightening (QT). Lee notes a liquidity drain on market makers and likens it to a QT-like tightening period lasting several weeks, somewhat shorter than the 6 to 8 weeks observed during the 2022 QT.
According to Lee, the cryptocurrency cycle has not yet peaked. A November shareholder note from BMNR suggests that the market top could occur in 2026 or later, driven by structural factors. He highlights asset tokenization on Ethereum—including stocks, bonds, and real estate—as a significant factor poised to unlock value within the financial system.
BMNR shares declined 2.6% on Monday, marking their weakest level since August.
