tl;dr
Crypto firms are heavily investing in Ethereum, with BitMine Immersion Technologies spending $200 million to acquire 46,255 ETH, increasing its total holdings to over 2.1 million ETH worth $9.2 billion. Ethereum's price rose 2% as a result. Meanwhile, Bitcoin investments by public firms dropped si...
**Crypto Giants Double Down on Ether as Stock Market Rides Bitcoin’s Rollercoaster**
In a week marked by bold moves and wild stock swings, blockchain firm BitMine Immersion Technologies has once again grabbed headlines by splashing $200 million into Ethereum, securing 46,255 ETH in a single day. This follows a record-breaking $900 million purchase of 202,500 ETH on Monday, pushing its total holdings past 2.1 million ETH—worth over $9.2 billion. That’s enough to outpace the second-largest holder, Sharplink Gaming, by a staggering margin.
BitMine’s spree isn’t just about numbers. Its latest buys almost match the total ETH purchased by treasury firms last week, according to Strategic ETH Reserve data. Meanwhile, Ethereum’s price climbed 2% in a single day, adding fuel to the fire. “This isn’t just a holding company—it’s a statement,” said one analyst, watching the firm’s holdings surpass 2 million ETH for the first time.
But while Ethereum gets the spotlight, Bitcoin’s story is more complicated. Public firms bought just $60 million worth of BTC this week, a sharp drop from the previous week’s frenzy. Still, a few companies managed to spark stock rallies. Pop Culture Group (CPOP), a Chinese hip-hop promotion firm, saw its shares surge 40% after buying 300 BTC for $33 million. The move sent its stock to $1.62, a far cry from its earlier price.
Meanwhile, Robin Energy (RBNE), an oil and gas shipper, experienced a wild ride: its stock jumped 150% after announcing a $5 million BTC purchase, only to settle at a 21% gain by day’s end. The rollercoaster didn’t stop there—shares fell another 25% after trading hours. “It’s like playing a game of Russian roulette with crypto,” said one investor, watching the volatility unfold.
Not all bets have paid off. Hong Kong’s QMMM Holdings saw its shares crash 50% after a $100 million crypto buy plan, while Eightco Holdings’ shares plunged 40% despite a $270 million Worldcoin investment. The lesson? Hype can be a double-edged sword.
Yet, even as some firms face setbacks, others are betting big. Japan’s Metaplanet spent $15 million on 136 BTC, while UK-based The Smarter Web Company and Sweden’s H100 Group each added millions to their crypto coffers.
But with all the buying comes a warning. NYDIG’s Greg Cipolaro cautioned that “premiums for crypto-buying companies are falling,” hinting at a “bumpy ride” ahead. Mergers, capital deals, and shareholder selling loom on the horizon, threatening to undo recent gains.
So, what’s next? Will BitMine’s Ethereum dominance hold, or will the market’s pendulum swing again? As stocks rise and fall, one thing’s clear: the crypto world is still a place where fortunes can be made—or lost—in a heartbeat.