Latest news with #BitMine
Yahoo
16 minutes ago
- Business
- Yahoo
Investors plough $2bn into Ethereum ETFs as companies scoop up billions
Ethereum continues to move from strength to strength. And institutional investors are taking notice. Money pouring into the market's spot Ether exchange-traded funds made up the vast majority of spot crypto fund investments last week, according to new research from CoinShares. Of the $1.9 billion in investor money scooping up these funds, Ether accounted for more than 84% of that figure. That's the second-largest amount of money investors have spent on Ethereum funds in a week since their launch last July. The investment also outpaced that of Bitcoin. Over the same period, various Bitcoin ETFs experienced net divestment to the tune of $175 million. So, what's driving the vibe shift? Though Ethereum has long been a laggard during much of this year's eye-watering rally, analysts have pointed to three key drivers behind growing interest in the $459 billion cryptocurrency. Ether takes flight First, the rise of public companies adding millions in Ether to their balance sheet. Firms such as BitMine, GameSquare, and SharpLink have collectively purchased more than 937,753 Ether worth more than $3.5 billion, according to CoinGecko. Ethereum co-founder Joe Lubin, who led the online gaming company SharpLink through its crypto pivot, said that the firm will do many of the same financial manoeuvres as Michael Saylor's Strategy. But because Ethereum is so much different from Bitcoin, Lubin told DL News that they 'can also do so much more.' Second, analysts are touting the passage of landmark stablecoin legislation in the US as a key driver behind the uptick in Ether. That's because more than 50% of all stablecoins and tokenised financial assets are minted on the Ethereum network. 'Banks, payment players, and fintechs would continue buying operational [Ethereum] to pay transaction fees for deploying stablecoins and tokenised assets on the blockchain,' Bernstein analysts said in July. Finally, Ether's smaller size compared to Bitcoin means that it's far more sensitive to outsized investment, wrote analysts at QCP Capital, a Singapore-based trading firm. Bears take aim But that doesn't mean bears aren't waiting in the wings. As Ethereum approaches $4,000 rapidly, there is approximately $2.5 billion in short trades betting on the asset to decline in price, according to Coinglass data. Crypto market movers Bitcoin has dropped 1% in value over the past 24 hours and is trading at $118,300. Ethereum also shed nearly 1% in the same period to $3,800. What we're reading Euler DAO votes to boost revenue 414% with new fees amid red-hot lending competition — DL News What everyone's missing with Solana — Milk Road DOJ Considers Charges Against Dragonfly Over Tornado Cash Investment — Unchained CZ's wealth inches closer to Satoshi's as BNB surges 32% — DL News Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@ Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Ether Surges 4% as ETH Treasury Firm BitMine Steps Up Bid to Acquire 5% of Supply
Ether extended its rally Thursday after BitMine Immersion Technologies (BMNR) announced that its holdings of the second most valuable cryptocurrency had surpassed $2 billion — just 16 days after closing a $250 million private placement to support its Ether treasury strategy. In a press release dated July 24, the Nasdaq-listed bitcoin mining firm said it had acquired 566,776 ETH at an average price of $3,643.75. The milestone marks significant progress toward BitMine's stated goal of acquiring and staking 5% of the total ether supply in circulation. "At BitMine, we surpassed $2 billion in ETH holdings just sixteen days after closing our private placement," said Chairman Tom Lee, who is also the head of research at Fundstrat and the CIO of Fundstrat Capital. CEO Jonathan Bates added that the company aims to grow ETH-per-share performance through staking income, capital market activities and active treasury management. The firm's broader strategy combines direct ETH accumulation, staking for yield, and creative financing tools to maximize balance sheet growth. BitMine describes its approach as 'asset-light,' relying on both internal cash flow and external capital to scale holdings while preserving flexibility. In a separate press release issued on Wednesday, BitMine announced that equity options tied to its Nasdaq-listed shares began trading on the NYSE Options Market under the ticker BMNR. The options, which offer a range of standard expiration dates and strike prices, are intended to increase investor access and broaden market participation. 'This is a major milestone,' Lee said, emphasizing that it gives the market more ways to express directional views on BitMine's growth strategy. Momentum behind institutional demand for ether appears to be accelerating. Bloomberg Senior ETF Analyst Eric Balchunas noted Thursday that BlackRock's iShares Ethereum Trust ETF (ETHA) had surpassed $10 billion in assets under management just one year after launch. ETHA doubled its assets from $5 billion to $10 billion in only 10 days, making it the third-fastest ETF to hit that milestone, after BlackRock's iShares Bitcoin Trust (IBIT) and Fidelity's Fidelity Wise Origin Bitcoin Fund (FBTC), which achieved this milestone in 34 and 53 days, respectively. Shares of BitMine (BMNR) rose sharply in early Thursday trading, climbing as much as 15.7% to an intraday high of $45.70 before paring gains to $42.64 by 12:19 p.m. ET. The stock was last up 7.9% on the day, extending a weekslong rally as investors responded to the company's accelerating ETH treasury strategy and today's announcement about its latest ETH purchase. At the time of writing, Ether is trading at $3,755, up 4.1% over the past 24 hours, according to CoinDesk data. It has climbed 9.2% over the past seven days, 34.9% over two weeks, and 54% over the past 30 days. Technical Analysis Highlights According to CoinDesk Research's technical analysis data model, ether swung through a $154.68 trading range during the 23-hour session from July 23 at 15:00 UTC to July 24 at 14:00 UTC, climbing to a high of $3,666.09 before dropping to a low of $3,511.41 — marking a 4.26% fluctuation. The token rebounded from early-session losses after multiple breakdown attempts failed near the $3,530–$3,545 support zone. A sharp reversal occurred during the 06:00–07:00 UTC window on July 24, supported by elevated trading volume. Ether defended the $3,600 threshold throughout the session, indicating persistent buying interest and setting the stage for potential range-bound consolidation. In the final hour, from 13:10 to 14:09 UTC, ETH declined from $3,645.31 to $3,626.83, reaching an intraday low of $3,626.27. A brief bounce to $3,650 was quickly rejected following a surge in sell volume between 13:31 and 13:39 UTC, when prices dropped into the $3,631–$3,636 range. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
Yahoo
5 days ago
- Business
- Yahoo
Billionaire Peter Thiel is Betting Big on Stablecoins. Should You Buy the "MicroStrategy of Ethereum," Too?
Legendary venture capitalist Peter Thiel, the billionaire cofounder of PayPal (PYPL) and Palantir (PLTR), has taken a 9.1% stake in BitMine Immersion Technologies (BMNR). This comes just weeks after BitMine appointed Tom Lee, Fundstrat's head of research, as chairman, and announced a bold new strategy: turning the company into the Ethereum (ETHUSD)-backed version of MicroStrategy (MSTR), now known as Strategy. While most crypto miners are focused on Bitcoin (BTCUSD), BitMine is pivoting to Ethereum, building a treasury worth over $500 million in ETH, and using ETH-per-share as a performance metric. The company is planning to raise $250 million more to continue stacking Ethereum in a big bet on the digital asset's growing role in global stablecoin transactions. More News from Barchart Nvidia Stock Warning: This NVDA Challenger Just Scored a Major Customer Dear Microsoft Stock Fans, Mark Your Calendars for July 30 Dear QuantumScape Stock Fans, Mark Your Calendars for July 23 Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Why Ethereum? Because it's already the dominant network for stablecoins - and new U.S. legislation like the GENIUS Act is pushing ETH even further into the mainstream. Add to that PayPal's push to expand its own stablecoin, PYUSD, and we're seeing a broader shift across the payment landscape - from dominant retailers like Amazon (AMZN) and Walmart (WMT) to Wall Street heavyweights like JPMorgan (JPM) - toward decentralized blockchain-based transactions, most of which run on Ethereum. Fundstrat's Lee believes ETH could hit $5,000 by year-end, driven by these macro catalysts. His vote of confidence, coupled with Thiel's investment, makes BitMine one of the most interesting Ethereum-linked public plays right now. But is it the best way for retail traders to invest? Watch our latest reel for the story: Want to see which other companies are adding Ethereum to their balance sheet or pivoting to crypto? Use Barchart's Crypto Watchlist under the Investing tab to track the top plays. On the date of publication, Barchart Insights did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
5 days ago
- Business
- Yahoo
Billionaire Peter Thiel is Betting Big on Stablecoins. Should You Buy the "MicroStrategy of Ethereum," Too?
Legendary venture capitalist Peter Thiel, the billionaire cofounder of PayPal (PYPL) and Palantir (PLTR), has taken a 9.1% stake in BitMine Immersion Technologies (BMNR). This comes just weeks after BitMine appointed Tom Lee, Fundstrat's head of research, as chairman, and announced a bold new strategy: turning the company into the Ethereum (ETHUSD)-backed version of MicroStrategy (MSTR), now known as Strategy. While most crypto miners are focused on Bitcoin (BTCUSD), BitMine is pivoting to Ethereum, building a treasury worth over $500 million in ETH, and using ETH-per-share as a performance metric. The company is planning to raise $250 million more to continue stacking Ethereum in a big bet on the digital asset's growing role in global stablecoin transactions. More News from Barchart Nvidia Stock Warning: This NVDA Challenger Just Scored a Major Customer Dear Microsoft Stock Fans, Mark Your Calendars for July 30 Dear QuantumScape Stock Fans, Mark Your Calendars for July 23 Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Why Ethereum? Because it's already the dominant network for stablecoins - and new U.S. legislation like the GENIUS Act is pushing ETH even further into the mainstream. Add to that PayPal's push to expand its own stablecoin, PYUSD, and we're seeing a broader shift across the payment landscape - from dominant retailers like Amazon (AMZN) and Walmart (WMT) to Wall Street heavyweights like JPMorgan (JPM) - toward decentralized blockchain-based transactions, most of which run on Ethereum. Fundstrat's Lee believes ETH could hit $5,000 by year-end, driven by these macro catalysts. His vote of confidence, coupled with Thiel's investment, makes BitMine one of the most interesting Ethereum-linked public plays right now. But is it the best way for retail traders to invest? Watch our latest reel for the story: Want to see which other companies are adding Ethereum to their balance sheet or pivoting to crypto? Use Barchart's Crypto Watchlist under the Investing tab to track the top plays. On the date of publication, Barchart Insights did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
5 days ago
- Business
- Cision Canada
BitMine Immersion (BMNR) Announces Commencement of Options Trading on NYSE
BitMine targets acquiring 5% of ETH BitMine's Ethereum treasury strategy to strengthen broader Ethereum ecosystem LAS VEGAS, July 23, 2025 /CNW/ -- (NYSE AMERICAN: BMNR) Bitmine Immersion Technologies ("BitMine" or the "Company"), a crypto mining company with a treasury strategy to acquire 5% of ETH, today announced that the Company's common stock is now available for options trading on the New York Stock Exchange ("NYSE"). Trading in BitMine options commences on July 23, 2025 under the ticker symbol "BMNR" and include a range of standard expiration dates and strike prices. This listing of options is expected to expand investor access and may enhance liquidity in the Company's shares, providing investors with added flexibility to manage risk, leverage positions and express views on the Company's future stock performance. "Options trading on the NYSE is a major milestone for BitMine, giving investors more ways to participate in our continued growth," said Thomas "Tom" Lee of Fundstrat, Chairman of BitMine's Board of Directors. "It reflects growing confidence in our vision and supports our ambitious goal of acquiring 5% of the global ETH supply and becoming one of the largest institutional holders of Ethereum in the world." Options trading on Bitmine is available through the Options Clearing Corporation ("OCC") and will be subject to standard rules and regulations established by NYSE and the OCC. About BitMine BitMine is a Bitcoin and Ethereum Network Company with a focus on the accumulation of Crypto for long term investment, whether acquired by our Bitcoin mining operations or from the proceeds of capital raising transactions. Company business lines include Bitcoin Mining, synthetic Bitcoin mining through involvement in Bitcoin mining, hashrate as a financial product, offering advisory and mining services to companies interested in earning Bitcoin denominated revenues, and general Bitcoin advisory to public companies. BitMine's operations are located in low-cost energy regions in Trinidad; Pecos, Texas; and Silverton, Texas. Forward Looking Statements This press release contains statements that constitute "forward-looking statements." The statements in this press release that are not purely historical are forward-looking statements which involve risks and uncertainties. This document specifically contains forward-looking statements regarding progress and achievement of the Company's goals regarding ETH acquisition and staking, the long-term value of Ethereum, continued growth and advancement of the Company's Ethereum treasury strategy and the applicable benefits to the Company. In evaluating these forward-looking statements, you should consider various factors, including BitMine's ability to keep pace with new technology and changing market needs; BitMine's ability to finance its current business, Ethereum treasury operations and proposed future business; the competitive environment of BitMine's business; and the future value of Bitcoin and Ethereum. Actual future performance outcomes and results may differ materially from those expressed in forward-looking statements. Forward-looking statements are subject to numerous conditions, many of which are beyond BitMine's control, including those set forth in the Risk Factors section of BitMine's Form 10-K filed with the Securities and Exchange Commission (the "SEC") on April 3, 2025, as well as all other SEC filings, as amended or updated from time to time. Copies of BitMine's filings with the SEC are available on the SEC's website at BitMine undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
