BMNR’s Tom Lee Says Crypto Winter May End When Oil Risk Peaks – Bitmine Adds Over 70,000 ETH To Holdings

• Bitmine has completed over 78% of its goal to acquire 5% of Ethereum’s total supply.
• The company added around 71,179 ETH in the past week, bringing total holdings to around 4.7 million ETH.
• Chairman Tom Lee said the crypto market is nearing the end of a “mini-crypto winter” and highlighted oil prices as a key driver.

Shares of Bitmine Immersion Technologies (BMNR) rose nearly 5% in pre-market trade on Monday after the company announced that its treasury now holds 3.92% of Ethereum’s (ETH) overall token supply.

Bitmine Chairman Tom Lee reiterated that the crypto market is at the tail-end of the current “mini-crypto winter” and that tokens are a “good wartime store of value.” 

"The inverse correlation of crypto (and equities) to oil has been increasing and is at the highest levels in the past year. This is logical,” he said. “Until equity markets become comfortable with the future trajectory of oil prices, rising oil is a headwind for equities and crypto. And in a sense, the crypto winter likely ends when the upside risk to oil prices peaks.”

The company said it has now completed over 78% of its goal of acquiring 5% of Ethereum’s circulating supply. Bitmine has continued its trend of increasing ETH purchases week-on-week, accumulating around 71,179 ETH in the past week, bringing its total to around 4.7 million ETH.

BMNR Stock Rises, Ethereum Recaptures $2,000

Shares of Bitmine rose alongside Ethereum as it reclaimed the $2,000 mark on Monday morning amid a broader rally in the cryptocurrency market. BMNR’s stock rose 4.3% in early morning trade, while retail sentiment on Stocktwits around the company fell to ‘neutral’ from ‘bullish’ territory over the past day, and chatter remained at ‘low’ levels. 

Ethereum’s price also rose around 4.3% in the last 24 hours to around $2,070. Retail sentiment around the leading altcoin on Stocktwits remained in ‘bearish’ territory amid ‘normal’ levels of chatter.

Bitmine said its balance sheet is now worth $10.7 billion, which includes 197 Bitcoin (BTC), a $200 million stake in Beast Industries, a $102 million stake in Eightco Holdings (ORBS), and total cash of $961 million, in addition to its Ethereum holdings. 

Last week, the company also announced the launch of its Made in America Validator Network (MAVAN) with Lee stating that it will be the “largest Ethereum staking network in the world.”

Read also: Bitcoin Recovers From $65,000 – Analysts Warn Rally May Be Short-Lived

For updates and corrections, email newsroom[at]stocktwits[dot]com.