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Ethereum

Ethereum: BitMine’s Bold $60K ETH Call Fails To Offset Stock Slide

Christian Encila
by Christian Encila
2 months ago
·
Posted in Altcoin News, Uncategorized
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ethereum is on the spotlight as BitMine Immersion Technologies stock took a sharp hit on Monday, falling over 25% despite a fresh round of bullish messaging from Tom Lee of FundStrat.

Related Reading: Bitcoin As A Lifeline: US Senator Champions BTC Amid Inflation Fears

Investors seemed unconvinced by the plan to make BitMine a major holder and staker of Ethereum. The dip came after shares slid over 10% during regular hours to $35, then dropped another 15% in after‑hours trading.

Ethereum: BitMine Shares Plunge Despite Big Claims

According to FundStrat’s Tom Lee, BitMine plans to hold 5% of Ethereum’s total supply and become a “made in America validator network.”

He highlighted that BitMine already has 600,000 ETH on its balance sheet—worth more than $2 billion at current prices.

Lee even floated the idea that Ether could reach an implied valuation of $60,000, citing unnamed research firms. But those bold figures failed to calm the market.

10/18
We asked several research firms to give us “replacement” value (of Wall Street) to value ETH

– this is for illustrative purposes only
– implied value for ETH is $60,000
– ETH currently ~$3,800 pic.twitter.com/mXa5uCZukv

— Bitmine BMNR (@BitMNR) July 28, 2025

Analysts had pointed out that BitMine’s stock had wildly surged earlier this month. The price shot up more than 3,000% to a yearly high of $135 on July 3 after the initial announcement of the Ether‑buying strategy.

That rally was met with a wave of profit‑taking once the plan was fully laid out. Many traders sold into the strength, and the mood shifted quickly when shareholders saw the fine print.

Investors Question Execution Risks

Based on reports from Kronos Research, treasury rollouts on this scale require a solid plan to protect capital and maintain liquidity.

Vincent Liu, Kronos’s chief investment officer, warned that without clear steps for custody and staking infrastructure, holding large amounts of Ether could create big swings in value.

ETHUSD trading at $3,874 on the 24-hour chart: TradingView

And those swings spooked some investors when Lee’s “Chairman’s Message” failed to pin down exact timelines or reveal audit partners.

On top of that, the implied $60,000 target for Ether came from sources that remain unnamed. That lack of transparency set off alarm bells.

Investors want to know who did the math and whether the data holds up under scrutiny. When price targets are presented without clear attribution, doubt grows fast.

Related Reading: Sharon, He Did What?! Ripple CTO Admits Faking Ozzy AMA

Corporate Ethereum Bets On The Rise

Meanwhile, other firms are also loading up on Ether. SharpLink Gaming controls 438,000 ETH. Bit Digital holds over 100,000 ETH. Blockchain Technology Consensus Solutions recently boosted its stake to 29,122 ETH after raising $62 million.

Finality Capital’s partner David Grider compared the trend to Strategy’s big bet on Bitcoin—saying these moves should help ETH flows and price action. Finality Capital, he disclosed, holds a position in BitMine itself.

Featured image from Meta, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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