BitMine has disclosed one of the largest Ethereum treasuries ever recorded, 3. 63 million ETH. However, its stated average purchase price of $2,840 has sparked immediate pushback from analysts who claim the math does not add up. The update is significant because BitMine is now approaching its long-stated goal of acquiring 5% of all Ethereum, a threshold that Fundstrat has dubbed the “Alchemy of 5%.” Sponsored BitMine Discloses $11. 2 Billion in Crypto and Cash Holdings In an update on November 24, BitMine (BMNR) reported total holdings of $11. 2 billion across crypto, cash, and “moonshots.” The company holds 3, 629, 701 ETH, 192 BTC, a $38 million stake in Eightco Holdings, and $800 million in unencumbered cash. According to BitMine, the 3. 63 million ETH was accumulated at an average price of roughly $2,840 per token. At current market levels above $2,900, the position would be slightly profitable. Chairman Thomas “Tom” Lee reiterated that BitMine has now acquired 3% of the Ethereum network. Sponsored Weekly Purchases Show Aggressive Accumulation BitMine also published its weekly ETH purchases, showing consistent and sizeable inflows throughout October and November. This accumulation cements BitMine as the largest ETH treasury globally. It is also the second-largest overall crypto treasury behind MicroStrategy, which holds 649, 870 BTC valued at $57 billion. Sponsored Lee argued that the recent downturn in crypto prices aligns with “impaired liquidity since October 10” and weak technical conditions. However, he noted that ETH had already neared the previously projected downside level of $2,500 by Fundstrat. BitMine highlighted the rapid rise of BMNR as one of the most actively traded stocks in the US. Average daily dollar volume stood at $1. 6 billion (five-day average as of November 21), ranking the stock #50 nationally, just behind Mastercard and ahead of Palo Alto Networks. Sponsored Investors Dispute the Reported Average Purchase Price Despite the bullish disclosures, market onlookers quickly challenged BitMine’s stated cost basis. Blockchain analytics account Lookonchain estimated BitMine’s average purchase price at approximately $3,997, claiming an unrealized loss of more than $4 billion. Another analyst wrote that BitMine’s “$2,840” figure merely reflected the ETH spot price at the time of the company’s posts, rather than an accurate average purchase price. Additional users independently calculated an implied average closer to $3,800 to $4, 000. “Your average price per ETH should be around $3,840. is this accurate?” they posed. BitMine has not yet addressed the discrepancy or provided a detailed cost-basis breakdown. Therefore, all eyes now turn to whether BitMine will clarify its accounting, continue its weekly ETH accumulation, and reach the symbolic 5% ownership threshold. With Made in America Validator Network (MAVAN) set for deployment in early 2026 and BMNR rising in market prominence, BitMine’s treasury strategy is likely to remain a central narrative in the Ethereum ecosystem over the coming months.
https://bitcoinethereumnews.com/ethereum/bitmine-reveals-3-6-million-eth-but-investors-question-the-math/
Tag: second-largest
Russian police arrest crypto exchange robber armed with fake grenade
Russian authorities have detained a young man who tried to rob a cryptocurrency exchange by threatening its staff with smoke and airsoft grenades. The attack comes amid rising numbers of criminal cases targeting crypto holdings and their owners, including through kidnappings and killings. Russian police arrest crypto robber in St. Petersburg A resident of Russia’s Leningrad Region has been arrested in St. Petersburg after attempting to rob a crypto exchange office at an apartment hotel. Local police said the attack took place late on Saturday, in the building located on Khersonskaya Street of the country’s second-largest city. The crypto robbery was prevented by officers who arrived at the scene after receiving a report about a noisy conflict that evening. The 21-year-old attacker used strikeball and smoke grenades, the regional department of the interior ministry detailed in a press release, quoted by Fontanka. ru, Gazeta. ru and other Russian media on Sunday. The man entered the office of the coin exchange service, detonated two of the airsoft grenades, and ignited the smoke bomb. Then, he demanded that the employees of the crypto trading platform transfer its cryptocurrency funds to a wallet of his own. The failed robber was apprehended with the help of servicemen from Russia’s National Guard, who came to the aid of the policemen. Bomb disposal specialists who inspected the area confirmed that the devices used in the attack were in fact airsoft replicas that create a lot of noise and smoke without causing serious damage. Another two of those were seized from the perpetrator. Russian authorities have opened a criminal investigation into the attempted robbery and a decision on whether the man should remain in pretrial detention is under consideration. Crimes targeting cryptocurrency are on the rise in Russia Cases in which criminals try to take hold of victims’ cryptocurrency have been growing in number over the past months and years. Russian crypto owners are increasingly facing hybrid attacks, where wallet hacks are accompanied by theft and threats of physical violence, the “Delovoy Peterburg” publication noted in a recent report, highlighting a surge in kidnappings. Perhaps the most remarkable example of this trend lately was the kidnapping of Russian crypto businessman and alleged scammer Roman Novak this past October. Believed to be a millionaire in cryptocurrency, Novak was abducted with his wife in Dubai. The couple was tortured and murdered by other Russians who apparently wanted to gain access to his wallet. There have been other, lower-profile cases. Two men were sentenced to eight years in prison this month for attacking a crypto blogger Ryazan and making him transfer over $160,000 worth of cryptocurrency to their wallets. The frequency of such crimes prompted Russian officials to take steps to legalize the seizure of digital assets within criminal proceedings, either for the state or to return them to their owners. In mid-November, the lower house of Russian parliament, the State Duma, adopted on second reading a bill designed to regulate the process. The draft law, which was submitted by the government earlier this year, establishes a mechanism for this type of confiscation. It also allows Russian law enforcement to seek assistance from foreign crypto platforms such as exchanges, as reported by Cryptopolitan. Also, this month, the Ministry of Internal Affairs in Moscow revealed that fake crypto investment offers rank among the favorite baits employed by Russian fraudsters this year. Join a premium crypto trading community free for 30 days normally $100/mo.
https://bitcoinethereumnews.com/crypto/russian-police-arrest-crypto-exchange-robber-armed-with-fake-grenade/
Ethereum Price Nears Key Support as Analysts Eye a Potential Rebound
Ethereum Struggles to Regain Bullish Momentum Amid Consolidation Phase
Ethereum continues to trade under pressure as the world’s second-largest cryptocurrency struggles to regain bullish momentum. After weeks of sideways action, ETH remains trapped in a consolidation range, sparking uncertainty among traders who await signs of a trend reversal.
At the time of writing, Ethereum trades around $3,846, hovering just above the crucial $3,802 support area. Market observers note that this level has become a focal point for both short-term traders and long-term investors, with many waiting to see if the asset can hold firm before the next decisive move.
### Testing a Crucial Technical Zone
Prominent crypto analyst Michaël van de Poppe shared his outlook on X, pointing out that Ethereum is currently testing its 20-week moving average — a technical region that has historically marked strong accumulation phases. He emphasized that ETH’s current setup offers a favorable risk-reward ratio for long-term portfolios, describing it as “a tremendous spot to be added to portfolios.”
According to van de Poppe, the confluence between the moving average and a higher timeframe support level may provide the foundation for Ethereum’s next rally. “Corrections don’t last forever,” he added, suggesting that the ongoing pullback could be nearing its conclusion.
If Ethereum manages to defend this zone, analysts believe the next resistance to watch will be near $4,150. A breakout above that threshold could signal renewed buying strength and a potential return toward the $4,300-$4,400 range.
### On-Chain Data Shows Investor Strain
Beyond the charts, blockchain data paints a mixed picture. The Net Unrealized Profit/Loss (NUPL) indicator — a metric used to gauge overall market profitability — has recently dipped into the capitulation zone. This range often appears when many holders are near breakeven or experiencing slight losses, typically preceding short-term rebounds as selling pressure begins to ease.
Such periods of capitulation tend to reset market expectations. Short-term holders, known for reacting quickly to price swings, often become reluctant to sell at a loss. Historically, this behavior creates conditions for brief relief rallies as traders push prices upward in search of quick recoveries before taking profits again.
If this pattern holds, Ethereum could experience another short-term bounce similar to those observed earlier in the month, where the asset briefly regained strength before returning to consolidation.
### Sentiment Hits Nine-Month Low
From a broader perspective, investor sentiment around Ethereum has turned notably bearish. Data from Santiment reveals that Ethereum’s weighted sentiment has fallen to its lowest level since February, reflecting increased caution and fatigue among market participants.
This decline in optimism mirrors the broader crypto landscape, where traders are becoming increasingly selective about new positions. Prolonged bearish sentiment can discourage fresh inflows, ultimately weighing on price stability.
However, such negative readings have also been known to act as contrarian signals — often preceding market recoveries once pessimism peaks.
### Rangebound Conditions Persist
For now, Ethereum appears rangebound between $3,802 and $4,154. Analysts suggest that until volatility returns or trading volume picks up, ETH may continue oscillating within this band.
A decisive close above $4,150 would be needed to confirm the start of a stronger upward move, while a drop below $3,800 could open the door to deeper losses.
Despite current headwinds, van de Poppe and several other market strategists maintain that Ethereum remains fundamentally strong, supported by ongoing developments in staking, scaling solutions, and institutional interest. Many believe that the current correction phase is part of a broader accumulation process rather than the beginning of a prolonged downturn.
### Outlook: Patience May Be Key
Ethereum’s long-term trajectory continues to depend on macroeconomic factors, investor sentiment, and broader market liquidity. As traders await stronger signals from the Federal Reserve and risk assets, ETH’s consolidation could serve as a necessary cooldown before its next significant move.
While short-term uncertainty prevails, technical confluence and historical data suggest that Ethereum may be approaching a point of stabilization — one that could set the stage for renewed upside once market confidence returns.
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*The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.*
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**Author**
Alex is an experienced financial journalist and cryptocurrency enthusiast with over 8 years of experience covering the crypto, blockchain, and fintech industries. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. Alex’s approach allows him to break down complex ideas into accessible, in-depth content. Follow his publications to stay up-to-date with the most important trends and topics.
https://coindoo.com/market/ethereum-price-nears-key-support-as-analysts-eye-a-potential-rebound/
China just purchased its first U.S. soybeans from this year’s harvest before Trump and Xi meet at economic summit
The firm plays a key role in the global supply and trade of grains, oils, and food products. Its core trading arm, COFCO International, reported $38.5 billion in revenue last year, handling 108.4 million metric tons of agricultural crops and commodities.
Recently, COFCO placed a purchase order for 180,000 metric tons of U.S. soybeans, scheduled for shipment in December and January. Reuters first reported the order on Tuesday, citing two oilseed traders. This marks China’s first purchase of U.S. soybeans in several months. COFCO did not immediately respond to Fortune’s request for comment.
Experts familiar with the transaction told Reuters that the purchase volume was relatively small, amounting to just three cargoes or shiploads of soybeans. They also noted that demand for U.S. soybeans is not expected to increase significantly in the near future, following recent large purchases from South America.
China accounts for about 60% of the world’s soybean imports, and in 2024, it made up 51% of U.S. soybean exports. However, trade tensions have created a significant divide between the U.S.—the world’s second-largest soybean producer—and China. The rift has been so pronounced that China had not previously placed any orders for the U.S. soybean growers’ autumn harvests.
This situation has raised concerns among farmers in rural America, who warn of an impending economic crisis fueled by losing their top export market, falling crop prices, and high production costs.
On a hopeful note, former President Trump and China’s president are scheduled to meet for talks regarding trade and tariffs during the Asia-Pacific Economic Cooperation (APEC) Summit in Busan, South Korea, on Thursday. These planned discussions come after Treasury Secretary Scott Bessent hinted at a de-escalation in the trade war under a deal framework he negotiated.
In a recent interview aired on Sunday, Bessent addressed the 100% tariff threat, which followed China’s announcement of strict export controls. These include a ban on rare earth exports for foreign military use and a requirement for foreign entities to obtain Chinese government approval for products containing even trace amounts of Chinese-sourced rare earths. Rare earth elements are crucial for the U.S. in military applications and AI development.
“So, I would expect that the threat of the 100% tariffs has gone away, as has the threat of the immediate imposition of the Chinese initiating a worldwide export control regime,” Bessent said.
While declining to give specific details about the trade agreement to CBS, Bessent expressed optimism for U.S. soybean farmers, saying they will be “extremely happy with this deal for this year and for the coming years.” He added, “I believe that we have brought the market back into equilibrium, and I believe that the Chinese will be making substantial purchases again.”
Babak Hafezi, adjunct professor of international business at American University, told Fortune that negotiations between China and the U.S. have been marked by “leverage diplomacy.”
“The Chinese understood that they could not renegotiate unless they had leverage, and they used rare-earth minerals as a key lever, bringing the U.S. to the table,” Hafezi explained.
Following China’s move in mid-October, negotiations accelerated, including the U.S. requirement to purchase soybeans—an order COFCO had not placed this year, he added.
“This is a quid pro quo in the negotiation process and helps us stabilize relations with China more quickly,” Hafezi concluded.
https://fortune.com/2025/10/30/china-buys-us-soybeans-trump-xi-summit-deal-trade-tariffs/
Neil Cole exonerated of fraud on double jeopardy after $150m legal battle, claims he is target of ‘lawfare’
Ten years and $150 million in legal fees later, Neil Cole, the brother of fashion designer Kenneth Cole, has finally been exonerated of charges related to securities fraud.
Cole was sentenced to 18 months in prison for accounting fraud in 2023. However, earlier today, the 2nd Circuit Court of Appeals in New York ruled that he had been wrongfully convicted due to being tried twice for the same offense—legally known as “double jeopardy.”
Now, the brand master behind Iconix, a company that secured partnership deals with celebrities such as Jay-Z, Madonna, Pharrell Williams, Marla Maples, and Jenny McCarthy, is preparing to go on the offensive.
“I did absolutely nothing wrong. No one could come up with a single document to show I had done anything they accused me of,” Cole told me in an exclusive interview. “This was an example of lawfare, not the pursuit of justice,” he claimed.
He also charged that his second prosecution was an example of “an overzealous, fame-seeking prosecutor trying to make a name for himself.” The Post has reached out to the Southern District for comment.
Cole was initially charged with ten counts by the Department of Justice in 2019, accused of accounting fraud, inflating his company’s earnings, and misleading investors. However, he was acquitted by a jury. Then, in 2021, the federal government charged him again with another count of fraud, leading to a jury conviction. Cole appealed the decision, arguing that he was being tried twice for the same offense.
This ruling ends a multi-year saga that began in 2014, when the Securities and Exchange Commission (SEC) started investigating civil charges against Cole, then head of Iconix. Cole had founded Iconix in 2005, and it grew to become the second-largest licensing company in the US, behind Disney.
Employing over 150 people, including his two sons, the company generated more than $400 million in annual revenue. Some of Cole’s high-profile clients also came under scrutiny, with the SEC questioning Jay-Z. In response, Cole’s attorneys labeled the case a “celebrity witch-hunt.”
“The government claims I did all this [engage in fraud] to save just $750,000,” said Cole, pointing out that this was an insignificant amount given how lucrative the company was at the time.
Amid legal challenges, Iconix stock plummeted from $40 per share to just thirty cents. In 2021, Cole sold the company to private equity firm Lancer Capital for $585 million—far shy of its $3 billion valuation before the allegations surfaced.
Following his conviction, Cole enlisted the support of two notable figures. Former New York Governor Andrew Cuomo wrote a letter urging a federal judge to impose a lighter sentence. (Cole’s fashionista brother, Kenneth Cole, is married to Cuomo’s sister, Maria.)
Kenneth Cole also penned a letter in support of his brother. Both men highlighted Neil Cole’s philanthropic efforts, noting his board memberships with Crutches 4 Kids, Ronald McDonald House, Memorial Sloan Kettering, and The Mount Sinai Children’s Center Foundation.
Now, after spending more than $150 million on his legal battle and giving up his business, Cole is considering his options. He tells me that, luckily, his insurance company covered the bulk of the legal costs.
“There are a lot of people to be held accountable,” he said. “Twelve out of twelve jurors acquitted me, but the government did everything again to make a case against me.”
“We will try to recoup everything that was spent [on lawyers],” he added.
Of course, the larger damage is reputational.
“You can’t recoup your reputation. This was my life’s work, built from scratch.”
But Cole is ready to start again and plans to launch a new business at the end of the summer.
“I’ve been through hell, but I’m very appreciative to be on the other end.”
https://nypost.com/2025/10/27/business/neil-cole-exonerated-of-accounting-fraud-after-150m-legal-battle/
Sharplink Gaming Buys $80M in Ethereum for Treasury After Month-Long Break
**Sharplink Gaming Acquires 19,271 ETH Worth $80 Million, Solidifying Position as Second-Largest Corporate Ethereum Holder**
Sharplink Gaming has resumed its Ethereum accumulation strategy after a month-long pause, purchasing 19,271 ETH tokens valued at approximately $80 million on Monday. This latest acquisition brings Sharplink’s total Ethereum holdings to 859,400 tokens, currently valued at around $3.6 billion.
With this significant purchase, Sharplink moves firmly into the position of the second-largest corporate Ethereum holder. Only BitMine surpasses them, holding roughly 3.24 million ETH, worth about $13.5 billion.
**Strategic Timing Amid Market Recovery**
Analysts from ACY Securities highlighted the timing of Sharplink’s purchase, suggesting that the company could be positioning itself ahead of potential Ethereum ETF inflows or anticipating improved economic conditions. Despite broader market pressures—such as President Donald Trump’s announcement of tariffs up to 155% on Chinese goods starting November 1—Ethereum showed resilience, gaining 7.1% on the day of Sharplink’s acquisition. However, the token’s price had risen only 1.1% over the preceding two weeks.
**Funding and Recent Capital Raises**
Sharplink partially financed the purchase through recent capital raises. Earlier this month, the company raised $76.5 million via an equity offering that sold 4.5 million common shares at $17 each. This price reflected a 12% premium over the closing market price of $15.15 on October 15.
Additionally, in August, Sharplink secured agreements totaling $400 million with five institutional investors, bolstering its treasury and supporting growth initiatives. The company has also announced plans to tokenize its Nasdaq-listed SBET shares on the Ethereum blockchain in partnership with Superstate, signaling a deeper integration with Ethereum technology beyond mere asset holding.
**Corporate Ethereum Holdings and Market Overview**
According to the Strategic ETH Reserve data, corporate treasuries collectively hold 5.98 million ETH, representing nearly 4.94% of Ethereum’s total supply.
Following Sharplink’s announcement, Ethereum was trading near $4,240, approaching a key resistance zone at $4,250. Market data from CoinGlass indicates that the fourth quarter is traditionally Ethereum’s second-weakest period, prompting traders to closely monitor seasonal patterns for the remainder of the year.
After bouncing off support around $3,750 earlier in October, bullish investors are now eyeing a potential rise toward the October high of $4,734.
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Sharplink Gaming’s renewed commitment to Ethereum and strategic capital initiatives reflect growing corporate confidence in the blockchain ecosystem amid ongoing market fluctuations.
https://coincentral.com/sharplink-gaming-buys-80m-in-ethereum-for-treasury-after-month-long-break/
Ungrateful locals on Guernsey reveal they reasons they prefer French tourists to Brit holidaymakers
As the autumn months set in, temperatures drop and the days become shorter, locals on Guernsey have reflected on a successful summer packed with holidaymakers. Business owners on the Channel Island are gushing about excited tourists flocking to their shores, buying drinks, lunches, spending money in their souvenir shops, and sunbathing on their beaches.
However, despite the tiny island being a Crown Dependency, and residents largely speaking English, it’s not crowds of British holidaymakers they can’t get enough of. In fact, some have even gone as far as to call British tourists “disrespectful.” Instead, it’s Guernsey’s old arch-rival and very close neighbour—the French—that residents love.
Guernsey has experienced an unprecedented influx of French tourists, with a 74 per cent increase compared to last year. Some suggest the island’s recent feature on a TV show in France is behind its rising popularity. A string of residents and business owners told the Daily Mail that the new tourists have saved the season and even boosted business. They feel the French are far superior visitors compared to the British: more interested in local culture, polite, and ready to spend.
“Thank God for the French,” exclaimed Giselle Bray, who runs a sandwich shop. “Because of them, our summer has been great. We’ve had a mix of French families, young people, and elderly visitors, and they’re all so respectable, polite, and interested in the island.”
The second-largest of the Channel Islands, Guernsey lies just 30 miles from the French coast and has also caught the eye of influencers. TikTok is flooding with dreamy Guernsey content showcasing dazzling shores, pristine beaches, and jagged clifftops. Many claim it’s better than most Mediterranean countries, with some even dubbing it the new Cornwall due to its surprising accessibility.
Guernsey’s tourism board has been actively encouraging travel influencers to visit, with the hashtag #guernsey garnering thousands of views. This rise in popularity comes as Cornwall faced its worst summer visitor numbers in a decade, with its tourism body collapsing.
Louise Parsons, who works in a jewellery shop, shared: “We’ve noticed a huge number of French tourists. I think it’s easier to get here now, and they have been advertising a lot more than they used to. There’s an influencer who spent the weekend here and documented the whole thing—it was great.”
She added, “The French spend more money than the British. They absolutely love the island, and a lot of them are here for the cobbled streets and the idea of a quaint island life. It’s very nostalgic.”
Locals explained that French tourists particularly love Guernsey because the novelist Victor Hugo completed *Les Misérables* while living in exile on the island. There has also been a new ferry system introduced, and French TV is being flooded with adverts promoting Guernsey.
Lucile Le Ray, a 25-year-old visitor from France, told the Daily Mail that tourists from her homeland enjoy the island because they find it easy to relate to. “We like it here because there’s a French touch, and for us, it’s important to relate to the place we’re visiting,” she said. “So many people here speak French, there’s great French heritage, and it’s close.”
The number of French day trippers visiting Guernsey this summer has almost doubled. This has been attributed to new ferry and plane routes between the two countries, as well as a marketing drive from Visit Guernsey across social media and French television.
“There have been a lot of social media campaigns and French TV campaigns which have absolutely worked,” said Theo Le Tissier. “They’ve even been sponsoring influencers.”
“Tourism numbers have been higher than normal this summer because of the new ferries,” explained Diane Le Sauvage, who works in a newsagent. “They’ve been great—lots of French tourists come through the door. They’ve been much more polite than the Brits that we’re used to, and hopefully, it will continue.”
Hayley Winterflood, who runs a local pub, added: “They’re ideal tourists. I found it unexpected, but we’ve had a lot over this year and it’s great. They’re very friendly, way more friendly than the Brits, polite, they spend money, and they’ve taken to pub culture very well.”
One of the big perks for visitors is that they are not required to pay VAT. Diane Gruber, who works in a clothes shop, noted that French tourists looking to splash their cash can really go “crazy.”
Meanwhile, Kevin Castro, who works in a restaurant, said French tourists have boosted business significantly. “There have been so many French tourists here this summer; it’s had a big impact on our business. They spend a lot of money, they’re appreciative, and they even tip on top of the service charge—you don’t get that with Brits, it’s not a guarantee,” he remarked. “We want them to keep coming because, because of them, we’ve been able to have more events and plan more.”
Hannah Beacom, Chair of Guernsey’s Tourism Management Board, commented: “The April to June period is a strong indicator of what we can expect to see during the rest of the tourist season, and there is clearly some very positive news to glean from this latest data.”
“The Board welcomes the significant rise in visitors from France, a huge benefit resulting from the deal struck between Brittany Ferries and the Committee for Economic Development,” she added. “I’ve personally noticed a far greater prevalence of French being spoken around St Peter Port and in other tourism hotspots within the island, which is wonderful to hear as we continue to build stronger ties with our French neighbours.”
https://www.dailymail.co.uk/travel/article-15156399/Ungrateful-locals-Guernsey-reveal-reasons-prefer-French-tourists-Brit-holidaymakers.html?ns_mchannel=rss&ito=1490&ns_campaign=1490