According to blockchain analytics platform Lookonchain, BitMine Immersion Technologies transferred 21,054 ETH to a new wallet via Kraken. The transaction occurred on November 18 at 19:22:59 UTC and was valued at approximately $66.57 million.

BitMine has not yet confirmed this new transfer, though the company’s previous announcement of a 54,000 ETH purchase last week indicates that it continues to strategically increase its Ethereum holdings.

BitMine’s Ethereum Strategy and Market Analysis

BitMine now holds a total of 3.6 million ETH, representing close to 3% of Ethereum’s circulating supply. The company also maintains positions in Bitcoin and holds ORBS (Eightco) shares in its portfolio.

Its cash reserves have risen from $398 million last week to $607 million. This increase demonstrates BitMine’s liquidity strength despite tightening market conditions.

Crypto analyst and BitMine Chairman Tom Lee links the current market weakness to liquidity stress. Lee noted that a major market maker pulled back following the October 10 crash, creating short-term market strain.

Despite ongoing volatility, Lee emphasized that the crypto market has not yet reached its cycle peak. In his November note to investors, he highlighted that asset tokenization on Ethereum could increase blockchain demand over the long term.

Ethereum Opportunities and Long-Term Trends

The recent ETH price drop is opening strategic buying opportunities for major investors. Institutional purchases and increased liquidity support the market’s medium-term recovery potential. Asset tokenization is also digitizing traditional assets such as stocks, bonds, and real estate on Ethereum. This trend encourages investors to engage with the Ethereum ecosystem and strengthens long-term market demand.

BitMine’s strategic purchases and strong cash reserves provide a current example of institutional behavior capitalizing on ETH price dips. These moves demonstrate how major investors leverage market downturns to expand their holdings.

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Solana Coalition Proposes Tokenisation Pilot to SEC

According to the letter submitted to the SEC, the pilot program will last 18 months and involve experimenting with the issuance and trading of tokenised versions of securities. The main objective of the initiative is to demonstrate that current securities regulations can become more transparent and efficient through blockchain technology.

The coalition also includes the Washington-based law firm Lowenstein Sandler LLP and Zagreus Services LLC, the business name of the decentralised Solana exchange Orca.

Miller Whitehouse-Levin, CEO of the Solana Policy Institute, stated: “Our goal is to establish a constructive collaboration with regulators to make markets more efficient.”

Robert Leshner, CEO of Superstate, added that the project aims to tokenise securities on high-performance blockchains, though he didn’t specify which networks would be used.

Tokenisation Market Could Reach $19 Trillion

The rapidly growing tokenisation trend in the crypto sector refers to transferring all types of financial assets onto the blockchain. BlackRock CEO Larry Fink and Robinhood CEO Vlad Tenev both describe tokenisation as a revolutionary technology in the world of investing. Ripple and the Boston Consulting Group project that the tokenisation market could reach $19 trillion by 2033.

Overcoming Regulatory Barriers

Project Open requests some regulatory flexibility outside the current financial framework. For instance, it proposes that network fees be classified as technology costs rather than securities transaction fees. Moreover, participating wallets will undergo KYC (Know Your Customer) verification.

Leshner stated, “The SEC already has the authority to establish a permanent regulatory framework allowing securities to be traded on blockchains instead of traditional exchanges,” adding that Congressional involvement may not be necessary.

If successful, this pilot program could pave the way for U.S. securities markets to transition permanently to blockchain. This is considered a major step forward in the integration of the crypto sector with traditional finance.

At the time of writing, Solana is trading at $151, up 6% over the past 24 hours.

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According to local news sources, the partnership will see World Liberty assist in launching regulatory sandboxes for blockchain product testing, expanding stablecoin applications for remittances and trade, exploring real-world asset tokenization, and supporting DeFi protocol growth.

Founders Zach Witkoff, Zak Folkman, and Chase Herro signed the letter alongside Pakistan Crypto Council CEO Bilal bin Saqib. Senior government officials, including Pakistan’s central bank governor, finance minister, and IT secretary, also attended the meeting.

Strong Crypto Potential in Pakistan

According to Chainalysis, Pakistan ranked 9th globally for crypto adoption in 2024, with approximately 25 million active crypto users and an estimated $300 billion in annual transaction volume.

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Finance Minister Muhammad Aurangzeb stated, “Our youth and technology sector are our greatest assets. Partnerships like these open new doors for investment, innovation, and global leadership in the blockchain economy.”

Balancing Innovation and Regulation

World Liberty’s founders also recently met with former Binance CEO Changpeng Zhao (CZ), who has been appointed an advisor to the Pakistan Crypto Council to guide regulatory and innovation efforts.

Pakistan’s Federal Investigation Agency (FIA) proposed a crypto regulatory framework on April 10 to address concerns such as terror financing, money laundering, and KYC compliance. The framework is pending legislative approval and is expected to roll out gradually starting in 2026.

Pakistan’s current crypto-friendly stance is a sharp contrast to May 2023, when former Finance Minister Aisha Ghaus Pasha declared that cryptocurrencies would never be legalized.

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Many investors on social media likened the collapse to the LUNA and FTX crises, calling it a potential rug pull. After a wave of speculation, the Mantra team finally broke its silence.

Mantra Team: “This Was Not Us”

In an official statement, Mantra tried to reassure its community:

“Today’s price action was triggered by reckless liquidations unrelated to the project. We want to be clear: this was not our team. We are investigating and will share more details as soon as possible.”

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Mantra’s CEO also made a statement:

“Guys, I just woke up and I’m trying to figure out what happened. A major OM investor’s position was massively liquidated on an exchange. We’re still sorting out the details, but we’re here and working on solving the issue. Thanks for your understanding.”

Massive Tokenization Projects in the Middle East

Ironically, the OM token crash came shortly after Mantra’s announcement of a $1 billion tokenization deal in January 2025. The agreement with Dubai-based DAMAC included real estate, data centers, and other physical assets to be tokenized on the Mantra blockchain.

Mantra also obtained a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA) in February 2025.

This license allows Mantra to legally operate in the United Arab Emirates, offering crypto exchange, brokerage, management, and consulting services.

Why Did OM Crash?

Mantra co-founder Patrick Mullin said the crash was triggered by the liquidation of a large investor’s position on an undisclosed exchange. However, details such as the exchange’s name, the identity of the investor, or the trade volume have not yet been clarified.

While the team continues to investigate the chain of events, investors are growing concerned about the sustainability of the Mantra ecosystem.

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