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BitMine Faces About $7.35 Billion in Paper Losses on Ethereum Holdings

BitMine Faces About $7.35 Billion in Paper Losses on Ethereum Holdings

BitMine said its Ethereum treasury reached 5,390,404 ETH, about 4.47% of total supply, putting the company within range of its stated goal to accumulate 5% of Ethereum.

ETH

Fact Check
The official BitMine press release on newswire.ca confirms ETH holdings of 5.39 million tokens (4.47% of supply). PANews/Odaily reporting citing the same official announcement confirms 4,712,917 ETH staked (~87% of holdings) with projected $276 million annual staking yield. The ~$7.35 billion paper loss figure is supported by Cointelegraph reporting (via PANews), based on average cost ~$3,513 vs current price ~$2,100.
Summary

BitMine said its Ethereum treasury totals 5,390,404 ETH, equal to about 4.47% of total supply and close to its stated goal of accumulating 5% of Ethereum through its “5% Alchemy” strategy. The update reiterates the same holdings level previously disclosed, without adding new purchase amounts, cost-basis figures, staking changes, or revised unrealized gain or loss data. Earlier company figures said BitMine had bought 111,942 ETH for about $237 million, bringing it to 89% of its target, while 4,712,917 ETH, or 87% of holdings, had been staked with projected annual staking yield of roughly $276 million at current rates. Prior supplied data also indicated about $7.35 billion in paper losses based on earlier acquisition-cost assumptions, and the latest update does not provide new numbers to revise that estimate.

Terms & Concepts
  • ETH: The native cryptocurrency of the Ethereum network, used for transactions, smart contract execution and staking.
  • staked: Locked in a blockchain’s validation system to help secure the network and potentially earn rewards.
  • Circulating supply: The amount of a cryptocurrency that is publicly available and actively in the market.