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

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.

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