Bitmine bought another 12,532 ETH last week, lifting its holdings to 6,028,946 ETH, or 4.9% of supply. Chairman Tom Lee says purchases end at 5%, 76,000 to 100,000 ETH away, so the position is close to its final size.
Perspective Coverage
4 publishers
- Builder
- Builder 7%
- Operator
- Operator 19%
- Investor
- Investor 74%
Reality
- Evidence58
- Adoption
- Insufficient
- Hype gap+40
- Incentives72
- Confidence70
BitMine Immersion Technologies spent about $350 million retiring 21 million of its own shares between mid-July and August 17. A company built to accumulate ether put that cash into its own stock because management says the shares trade below its holdings.
Reality
- Evidence35
- Adoption
- Insufficient
- Hype gap+30
- Incentives75
- Confidence40
Bitmine Immersion Technologies will stop buying ether at 5% of supply, a cap that leaves it about $200 million of purchases at Wednesday's price. For ether's flows, that limit matters more than Tom Lee's bull call, because one of the token's steadiest buyers is close to done.
Perspective Coverage
9 publishers
- Builder
- Builder 6%
- Operator
- Operator 21%
- Investor
- Investor 73%
Reality
- Evidence78
- Adoption45
- Hype gap+25
- Incentives72
- Confidence70
Bitmine Immersion Technologies bought 15,112 ETH last week, lifting its treasury to 6,016,414 tokens, 4.9% of Ethereum's supply. With 84% of that staked at a 2.63% yield, the company's results now move with the ether price and the return on its validators.
Perspective Coverage
4 publishers
- Builder
- Builder 10%
- Operator
- Operator 21%
- Investor
- Investor 69%
Reality
- Evidence60
- Adoption45
- Hype gap+20
- Incentives80
- Confidence68
Bitmine added 17,362 ether last week to hold about 4.9% of supply, while Strategy bought 1,665 bitcoin to reach 847,666. Both kept buying as prices eased, with Bitmine now near a 5% target it set itself and Strategy adding about 0.2% to its holdings.
Reality
- Evidence50
- Adoption55
- Hype gap+20
- Incentives65
- Confidence55
The SEC's September 17 Innovation Exemption runs five years and requires tokenized stocks to carry full shareholder rights, so the Jersey-issued debt securities Robinhood sells in 120 countries do not qualify as written, and issuers get a say in what does.
Reality
- Evidence50
- Adoption35
- Hype gap+30
- Incentives55
- Confidence45
Bitmine holds 5,983,940 ETH, 4.9% of supply, and the 121,060 tokens still missing cost about $325m at its own reference price, a bill its cash balance covers twice over. Tom Lee expects institutions in the fourth quarter.
Perspective Coverage
3 publishers
- Builder
- Builder 7%
- Operator
- Operator 17%
- Investor
- Investor 76%
Reality
- Evidence62
- Adoption45
- Hype gap+22
- Incentives80
- Confidence65
Cantor Fitzgerald lifted its BitMine target from $30.60 to $63.60 on September 10 while the shares traded near $24.20. The case rests on a 5.93 million ETH treasury and a call that the crypto drawdown bottoms in October.
Reality
- Evidence38
- Adoption25
- Hype gap+45
- Incentives62
- Confidence42
Bitmine's 5,929,198 ETH is worth about $14.79bn at $2,495 a token, against $15.7bn of total assets, and the $330m of staking revenue the company projects is the smaller half of that arithmetic.
Reality
- Evidence42
- Adoption38
- Hype gap+48
- Incentives90
- Confidence55
A $3.5 billion week came almost entirely from Ether being remarked to $2,440. The last 187,000 tokens cost more than the cash the company reports holding.
Reality
- Evidence34
- Adoption58
- Hype gap+38
- Incentives82
- Confidence44