BitMine (BMNR), Ethereum's largest institutional holder, has suffered a $190 million loss. Tom Lee confidently predicts ETH will reach $15,000.

Impacted by the latest U.S. non-farm data, the cryptocurrency market continues to decline. This morning, Bitcoin once fell below $112,000, while Ethereum dropped to as low as $3,355. Before the deadline, it rebounded to $3,450, having fallen over 12% from this week's high. BitMine Immersion's 625,000 ETH position has incurred paper losses due to the cryptocurrency price decline. According to the company's latest announcement, BMNR's average buy-in cost is around $3,755. With ETH currently priced at $3,450, they are experiencing an 8% unrealized loss, approximately $190 million. Relative to cryptocurrency prices, BMNR's stock price has fallen even more, dropping 23.27% this week. During this time, Bitmine Chairman Tom Lee addressed the situation in a Coindesk interview, stating that Ethereum's current market price is far below the $15,000 he estimates based on network fundamentals. He emphasized that institutional investors are gradually increasing their Ethereum allocation, rather than focusing on short-term price fluctuations. Facing short-term pressure, BMNR still holds $400 million in cash and has launched a $1 billion stock repurchase program. The market is closely watching whether they will adjust their ambition to "lock in 5% of Ethereum's total supply". On the other hand, some enterprises are continuing to accumulate during the price dip. According to Ember's monitoring, the second-ranked Ethereum reserve company, SharpLink Gaming, has added 14,933 ETH through Galaxy Digital, valued at approximately $53 million. Within the past 7 hours, SharpLink Gaming deposited 108 million USDC and transferred it to Galaxy Digital, purchasing 14,933 ETH (worth $53 million). They transferred $53 million USDC to Galaxy Digital 7 hours ago, received 14,933 ETH at $3,550 two hours ago, and then transferred 55.56 million USDC back to Galaxy Digital to continue purchasing ETH. Since beginning to reserve ETH in early June using MicroStrategy's operational model, SharpLink Gaming has accumulated 464,000 ETH, currently valued at $1.62 billion. Their average purchase price is around $3,029, currently showing a profit of $214 million. Whether these large funds are wisely accumulating ETH during market volatility or entering too early remains to be verified with time.