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Bitmine Wallet Receives 24,007 ETH from Galaxy Digital OTC

Bitmine Wallet Receives 24,007 ETH from Galaxy Digital OTC

BitMine Immersion Technologies now holds about 3% of Ethereum’s supply, with significant unrealized losses amid volatile market conditions.

ETH

Summary

BitMine Immersion Technologies added 54,000 ETH last week, increasing total holdings to 3.56 million ETH worth $11.27 billion, roughly 3% of Ethereum’s circulating supply. The average acquisition cost of its ETH is $4,009, resulting in an unrealized loss of $2.98 billion, or 21%, due to current market prices. This expansion underscores the company’s large institutional presence despite significant price-driven portfolio declines.

Terms & Concepts
  • Ethereum (ETH): A blockchain-based cryptocurrency used for decentralized applications and smart contracts.
  • Unrealized Loss: A decrease in the value of a held asset before it is sold, reflecting potential loss based on current market prices.