{"content":"Big Money, Bigger Drop 💸 – Ethereum Falls Despite $1.1B BitMine Purchase BitMine bought 264,378 ETH, worth $1.1 billion, last week. A $365 million purchase agreement and $913 million stock warrant were signed. ETH drops below its 50-day SMA for the first time in two months and hopes to rebound off $4,000. Ethereum (ETH) fell 7% on Monday after BitMine added 2.4 million ETH last week. BitMine gets 264K ETH, prepares $1.28 billion stock sale On Monday, Ethereum treasury business BitMine Immersion (BMNR) reported 2.4 million ETH worth over $10.13 billion. After its September 15 statement, it added 264,378 ETH, worth $1.1 billion. Nevada-based corporation has $11.4 billion, including 192 Bitcoin (BTC), a $175 million interest in Worldcoin treasury Eightco Holdings, and $345 million in cash. On Monday, BitMine announced a purchase agreement with an undisclosed institutional investor to sell 5,217,715 shares of its common stock for $70 each, anticipating total revenues of $365.2 million. BitMine raised $365.24 million by selling shares at a 14% premium to Friday's closing. BitMine Chairman Thomas Lee stated selling shares for $70 per share, compared to our $61.29 closing price, is considerably accretive to current shareholders since the funds are used to increase our ETH holdings. A warrant to buy 10,435,430 shares at $87.50 in a direct offering was also included. BitMine might get $1.28 billion from its ordinary offering and $913 million in cash if the warrant is fully exercised by March 22. According to the Strategic ETH Reserve website, BitMine has the most of the publicly traded Ethereum treasuries' 4.15 million ETH. After falling 7% in 24 hours, ETH fell below the 50-day Simple Moving Average (SMA) for the first time in two months. Bulls protected $4,000 after a similar collapse in mid-August, and the top altcoin is challenging it. ETH may find support at the 100-day SMA if it falls below $4,000. ETH jumps off 20-day SMA as Vitalik Buterin defends validator queue design #ETH #MarketPullback #FedRateCut25bps $ETH ","images":["https://d2kdcqywr8ua22.cloudfront.net/uploadfile/article/blog/2025092025/09/23/3c000438a1354bbf84084f8cc317b970.png"],"tags":[],"tradingPairs":["BTC/USDT"],"quotearticleid":0}