BitMine Immersion Technologies fell nearly 27% despite unveiling a new initiative aimed at boosting investor confidence, featuring a message from FundStrat’s Tom Lee.
On Monday, the company launched “The Chairman’s Message,” a monthly series intended to provide insights into BitMine’s broader crypto strategy.
In the inaugural edition, Lee discussed BitMine’s long-term Ethereum strategy—including its goal to hold 5% of ETH’s total supply—and highlighted bullish projections for the token’s future value.
A slide shared on X claimed Ethereum’s implied value could reach $60,000, referencing unnamed research firms.
However, the messages failed to reassure investors, as BitMine (BMNR) shares dropped over 11% during regular trading to $35.11, followed by another 15% decline in after-hours trading.
The sharp sell-off contrasts with the market’s reaction earlier this month, when BitMine’s stock soared over 3,000% to a 52-week high of $135 on July 3 after it revealed plans to accumulate Ethereum.
BitMine claims to hold 600,000 Ether as part of its growing crypto treasury
During the presentation, Tom Lee confirmed that BitMine holds 600,000 Ether, valued at over $2.2 billion.
He added that the company’s long-term vision is to establish a “made in America validator network,” with all operations based entirely within the United States.
Lee emphasized that BitMine is aiming to become an active participant in the Ethereum community to help strengthen the broader ecosystem. He also reiterated the company’s previously announced goal of holding and staking 5% of Ethereum’s total supply.
However, in a June interview with Cointelegraph, Vincent Liu, chief investment officer at Kronos Research, cautioned that treasury rollouts demand “a well-planned strategy to protect capital and strengthen liquidity,” warning that without “clear execution and long-term vision, it’s unlikely to deliver sustained value.”
Ether treasuries could fuel a price surge
Meanwhile, David Grider, partner at venture capital firm Finality Capital, wrote in an X post on Monday that the rise of Ether treasury companies “should bode well for ETH flows and price action,” drawing a parallel to the impact MicroStrategy had on Bitcoin—something he suggested could ultimately benefit BitMine.
Grider also revealed that Finality Capital holds a position in BitMine.
Other major corporate Ether buyers include SharpLink Gaming, which owns 438,000 ETH; Bit Digital, with over 100,000 ETH; and Blockchain Technology Consensus Solutions, which boosted its holdings to 29,122 ETH after raising $62.4 million.
Ray Youssef, CEO of finance app NoOnes, previously told Cointelegraph that he believes corporations increasingly see Ethereum as a key infrastructure layer—driving the recent surge in Ether adoption among corporate treasuries.
