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Bitmine Acquires 69,822 Ethereum Worth $197.25 Million, Total Holdings Exceed $10 Billion

According to Lookonchain, Bitmine expanded its Ethereum holdings to over 3.6 million ETH, facing significant unrealized losses despite large-scale purchases.

ETH

Fact Check
The assessment is based on strong, consistent evidence from multiple sources, including one primary data source. The on-chain analytics platform Lookonchain, a primary source for blockchain transaction data, directly confirms that Bitmine acquired 28,625 ETH for approximately $82.11 million. This claim is further corroborated by several secondary news sources, including CryptoNews.com, Phemex News, and Coinpaper, all of which report the exact same figures. The Coinpaper article is noted to have cited a company 'Press Release' as its source, which would be another primary document supporting the statement. The remaining sources are irrelevant as they discuss different topics (such as BitMine's stock performance or total treasury holdings) and do not contradict the specific acquisition claim. The combination of direct on-chain evidence and consistent reporting across multiple platforms with no conflicting information makes the statement very likely to be true.
Summary

Bitmine purchased 69,822 ETH valued at $197.25 million last week, raising its total holdings to 3,629,701 ETH worth approximately $10.25 billion, according to blockchain tracker Lookonchain. The average purchase price for the latest acquisition was $3,997 per ETH, resulting in an unrealized loss of about $4.25 billion on current holdings. This accumulation highlights the company’s substantial exposure to the Ethereum market despite prevailing price pressures.

Terms & Concepts
  • Ethereum (ETH): A leading blockchain platform enabling smart contracts and decentralized applications.
  • Blockchain tracker: A tool or service that monitors and analyzes cryptocurrency transactions on a blockchain.