NewsletterBitmine Immersion (BMNR) Buys 14,618 ETH Amid Rising Institutional Interest
Highlights
- Bitmine Immersion acquires 14,618 ETH worth over $44 million from BitGo.
- Tom Lee-backed Ethereum treasury firm continues buying dips amid inflows in spot Ethereum ETFs.
- Bitmine's mNAV rises to 1.08 amid BMNR stock rebound.
- Analysts predict ETH price breakout in coming days.
Bitmine Immersion Technologies (NYSE American: BMNR) acquired an additional 14,618 ETH on Friday, according to on-chain data platforms. Fundstrat’s Tom Lee-backed Ethereum treasury firm continues to buy the dip amid a revival in Ethereum interest among institutional investors.
Bitmine Immersion Bags 14,618 ETH Amid Spot ETF Inflows
Funstrat’s Tom Lee-backed Ethereum treasury firm Bitmine Immersion Technologies added another 14,618 ETH worth $44.34 million, Onchain Lens reported on November 28. The latest transfer occurred from a BitGo hot wallet.
Bitmine Immersion holds 3.6 million Ethereum, accounting for 3% of the total Ethereum supply. As per Yahoo Finance, Bitmine Immersion has an enterprise value of $12.19 billion and total crypto holdings of $11.2 billion. Thus, the mNAV is 1.08.
This comes as the firm continues to buy the dip amid a rebound in inflows into the United States-listed spot Ethereum ETFs. On November 26, BlackRock and Fidelity recorded massive ETH inflows earlier this week, before closing for the Thanksgiving holiday.
As CoinGape reported earlier this week, Bitmine Immersion Technologies purchased 28,625 ETH worth $82.11 million. The firm also acquired 21,537 ETH worth $60 million from FalconX on the previous day. This indicates massive Ethereum buying by Bitmine amid positive sentiment by Tom Lee.
BMNR stock closed 9.79% higher at $31.74 on Wednesday. As per Yahoo Finance, Bitmine Immersion stock also saw a 3.65% jump after market hours. This comes as institutional ownership bounces from 10 million to 100 million shares within a month.
Ethereum Bulls Hold Price Above $3,000
Ethereum price is currently trading at $3,019, up nearly 15% in a week. The 24-hour low and high are $2,987 and $3,043, respectively. Trading volume has slipped by 31% in the last 24 hours, indicating cautious sentiment among traders ahead of crypto market options expiry today.
CoinGlass data showed buying in the derivatives market over the past few hours. At the time of writing, the total Ethereum futures open interest jumped 0.71% to $36.20 billion in the last 4 hours. The futures OI tumbled almost 4% in the last 24 hours. This signals a revival in positive sentiment among investors.
Analysts predict a breakout in Ethereum price to happen next after an RSI breakout on the ETH/BTC daily timeframe. Closing the week above $3,000 could trigger an upside momentum to $3,300-$3,400 range.
Also Read: Best Crypto Presales To Invest In November 2025 – Top Upcoming Presale Tokens
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