Bitmine Immersion Technologies, Inc. Chairman Thomas “Tom” Lee linked cryptocurrency weakness to selling in AI, semiconductor and memory stocks and in Korean and Taiwanese markets as the company reported lower holdings values.
In its Oct. 19 release, Bitmine put the value of its cryptocurrency, cash, marketable securities and selected investments at $15.1 billion as of Oct. 18, down from $16.2 billion on Oct. 11. Lee said selling in those stock markets had spilled over into crypto. That was his explanation of the market weakness; the company did not quantify its effect on the reported holdings value.
The two weekly updates show cash and marketable securities falling to $582 million from $612 million. Bitmine also listed its Eightco Holdings stake at $74 million, compared with $85 million a week earlier. The releases do not fully reconcile the $1.1 billion decline across individual holdings.
For Ether (ETH), Bitmine used a Coinbase reference price of $2,365 per token in the Oct. 18 snapshot, compared with $2,544 a week earlier. Its Ether balance rose by 12,535 ETH to 6,041,481 ETH as of 3 p.m. ET. The increase and the company's supply goal were detailed in earlier EconoTimes coverage of Bitmine's Ether holdings.
The latest disclosure also listed 215 Bitcoin (BTC) and a $180 million stake in Beast Industries. Bitmine said it had staked 5,067,309 ETH, about 84% of its Ether position. Staking rewards are an incentive in its treasury strategy, while the company identifies ETH price volatility and potential staking losses as risks. Bitmine said its MAVAN staking platform also serves institutional investors, custodians and ecosystem partners.
Bitmine estimated that its holdings represented 4.9% of a stated 122.1 million ETH supply, just below its 5% goal. The Oct. 19 release gives no date for reaching that target.
