BITMINE
$BMNR JUST MADE ITS BIGGEST ETHEREUM BUY OF THE ENTIRE YEAR
Tom Lee's BitMine bought 126,971
$ETH during last week's dip
That pushes their total to 5,543,872 ETH. ~4.59% of Ethereum's entire circulating supply, worth about $9 billion.
And this is where their strategy splits from a pure Bitcoin treasury. Nearly all of it is staked. 4,718,677 ETH actively earning, throwing off a projected $230 million in annual staking revenue. They get paid to hold.
But the charts don't care yet. ETH is stuck near $1,650, still pinned below every resistance level since April. MACD negative. ETF outflows ran through most of June.
It comes down to one line: $1,500.
Hold it, and BitMine's averaging-down looks like the smartest institutional trade of the cycle. Lose it on a weekly close, and there's no real support until $1,000 to $1,100.