BitMine Immersion Technologies (BMNR) experienced a significant drop of nearly 27% following a “chairman’s message” from FundStrat’s Tom Lee, who delivered an analysis aimed at bolstering confidence in the Ethereum treasury-focused firm.
On Monday, BitMine unveiled the new “The Chairman’s Message” monthly series, designed to provide deeper insights into its broader cryptocurrency strategy.
During the presentation, Lee discussed BitMine’s long-term Bitcoin outlook, specifically its plan to hold 5% of the circulating supply, and provided valuation projections for Ethereum.
Ether Confirmation and Price Target
A slide from BitMine on X referenced an unnamed research suggesting an implied future value of ETH reaching $60,000.
However, Lee’s assurances did not prevent a sharp stock decline. BitMine’s shares fell over 11% intraday, trading at $35.11, before continuing their slide with another 15% drop in after-hours trading, ending the day considerably lower.
This sell-off contrasts sharply with the previous positive response seen after BitMine announced its intention to purchase Ethereum, which saw its stock surge more than 3,000% to a yearly high shortly before.
Current Holdings and Geographical Strategy
Speaking at the event, Lee confirmed that BitMine currently holds 600,000 Ether, valued above $2.2 billion at the time.
He revealed BitMine’s ambition to become a “Made in America” validator network, aiming for complete 100% geographical operations within the United States.
Lee emphasized BitMine’s goal to participate more actively in the Ethereum ecosystem, strengthening its position as a long-term treasury holder and stakeholder for 5% of the total Ether supply.
Expert Perspectives on Corporate Treasuries
Financial expert Vincent Liu, CIO at Kronos Research, commented on the challenges of implementing treasury strategies for crypto assets: “Treasury rollouts require a well-planned strategy to protect capital and strengthen liquidity. Without clear execution and long-term vision, it’s unlikely to deliver sustained value.”
Analyst Optimism for Ether Treasuries
In contrast, venture capital partner David Grider of Finality Capital, who himself holds a stake in BitMine, tweeted that the rise of corporate Ether treasuries could mirror the effect MicroStrategy had on Bitcoin, potentially boosting ETH flows and price.
Other significant corporate Ethereum holders include SharpLink Gaming (438,000 ETH), Bit Digital (over 100,000 ETH), and Blockchain Technology Consensus Solutions (29,122 ETH).
Finance app CEO Ray Youssef believes corporations increasingly view Ethereum as a core infrastructure component, driving the adoption of corporate ETH treasuries.
Related: Crypto funds attract $1.9B in inflows as Ether leads weekly gains
