Okay, so BitMine's swimming in ETH now. Like, Scrooge McDuck levels of crypto wealth. They apparently hoovered up another $294 million worth, pushing their total stash to over 2.8% of all ETH in existence. That's...a lot. (BitMine Adds $294 Million in Ethereum as Tom Lee Makes Bullish Bitcoin, ETH Price Projections)
Tom Lee, the chairman, is still spouting the "fundamentals are strong" line. He's on CNBC, talking about stablecoin volume and application revenues. Give me a break. Last I checked, "fundamentals" don't mean jack when the whole market's taking a nosedive. He's predicting Bitcoin to $150k-$200k and ETH to $7k.
Easy to say when you’re already holding a massive bag, ain't it?
He calls the recent $19 billion liquidation event a "miniature rupture." I call it a bloodbath. A lot of regular people got rekt in that "rupture," while guys like Lee probably just shrugged and bought the dip.
Speaking of liquidations, did you see those numbers? Over $1.27 billion wiped out in 24 hours. Almost all of it – $1.14 billion – were long positions. That's gotta sting. Hyperliquid saw $374 million in forced closures, almost entirely longs. Ouch. (BTC, ETH, XRP , SOL News: Traders Lose Over $1B in 24 Hours as Longs Get Crushed)
And of course, this happens right after Bitcoin gets rejected above $113,000. It's like clockwork. Pump it up, get everyone hyped, then pull the rug. I swear, sometimes I think these whales are just playing a game of "how much can we screw over the little guy today?"
The article mentions open interest is still near $30 billion. So, people haven't learned their lesson. They're still piling into leveraged positions, just waiting for the next… "miniature rupture." When will they ever learn?
BitMine's sitting on $12.5 billion in ETH. That's a hell of a lot of digital funny money. But here's the thing: it's only worth that much if people believe it's worth that much. And right now, belief is shaky. ETH is down, BMNR shares are down 8% today and 25% over the last month.
They also hold some Bitcoin, a stake in EightCo, and some unencumbered cash. So, they're not completely exposed. But still…it's a gamble. A massive, high-stakes gamble.
It's like they're betting the entire company on ETH going to the moon. What happens if it doesn't? What happens if ETH pulls a MySpace and becomes irrelevant in a year or two?
Then again, maybe I'm just being a pessimist. Maybe Lee is right, and we're about to see a massive end-of-year rally. Maybe ETH will hit $7k. But honestly, looking at the current state of the market, it feels more like wishful thinking than a sound investment strategy.
Look, I'm not saying BitMine is going to collapse. But I am saying that putting all your eggs in one volatile basket is never a good idea. Especially when that basket is made of magic internet beans that can disappear overnight.
beta technologies: what we know
2025-11-05
