BitMine Immersion Technologies · Ethereum · Cointelegraph
BitMine boosts ETH holdings closer to $10 billion as bear market accumulation continues
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BitMine continued buying Ether through the market downturn, growing its stake to nearly 5% of the circulating supply while generating staking yield amid mounting ecosystem challenges.
Key facts
- On Monday, the crypto treasury company reported that it acquired 76,881 Ether (ETH) over the past week, potentially reducing its average cost basis as ETH briefly plunged below $1,600
- At current prices, the company’s ETH portfolio is worth roughly $10.2 billion, though it is sitting on an unrealized loss of nearly $9 billion, according to DropsTab data
- BlackRock's iShares Ethereum Trust ETF ( ETHA ) remains the biggest US-traded ETH ETF, with net assets of $4.75 billion
- BitMine now holds 5,620,754 ETH acquired at an average price of $1,718
Summary
BitMine Immersion Technologies continued to expand its Ether holdings last week, acquiring more of the second-biggest digital asset despite a prolonged market downturn as its large staking operation continues to generate yield. On Monday, the crypto treasury company reported that it acquired 76,881 Ether (ETH) over the past week, potentially reducing its average cost basis as ETH briefly plunged below $1,600 during the period. BitMine now holds 5,620,754 ETH acquired at an average price of $1,718. At current prices, the company’s ETH portfolio is worth roughly $10.2 billion, though it is sitting on an unrealized loss of nearly $9 billion, according to DropsTab data.