BitMine held about $11 billion worth of ETH as of this week, making it the largest Ether treasury in the cryptocurrency industry. BitMine Immersion Technologies has overhauled its leadership as it continues to amass one of the largest Ether treasuries across publicly traded companies. In a Friday notice, BitMine announced that Chi Tsang would succeed Jonathan Bates as the company’s CEO, effective immediately. The Ether (ETH) treasury company reported holding more than 3.5 million tokens as of Monday, bringing its valuation to more than $11 billion at a price of $3,175. “With its substantial Ethereum holdings and credibility with both Wall Street and the Ethereum ecosystem, BitMine is positioned to become a leading financial institution,” said Tsang. Read more
Major mining stocks dropped 20%–50% this week, erasing billions in value as the sector continued to lag Bitcoin’s latest pullback. Publicly traded Bitcoin mining companies had a tough week, with nearly every major miner posting double-digit declines as the sector sharply underperformed Bitcoin itself. Over the past five trading days, names like Cipher, Applied Digital, Core Scientific, CleanSpark and Bitdeer slid between 23% and 52%, while other operators such as Riot and Hut 8 saw mid-teens losses. Bitcoin (BTC) was trading about $94,400 at the time of writing, down about 9% over the past seven days. Read more
Bitcoin lost multiple critical support areas as data show short-term investors holding on to capitulation-level losses, raising fears of a deeper breakdown in BTC price. Bitcoin (BTC) broke below its June support near $98,000 on Thursday, marking its first clear lower high–lower low structure on the daily chart since February. The decline deepened on Friday as BTC slid to $94,500, bringing it within striking distance of the $93,500 yearly open, a level that would fully erase its gains for 2025. Key takeaways: Bitcoin is at risk of its first weekly close below the 50-week SMA since 2023, breaking a two-year uptrend. Read more