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BitMine Expands Ethereum Holdings to 4.37 Million ETH Despite Heavy Losses

BitMine Expands Ethereum Holdings to 4.37 Million ETH Despite Heavy Losses

BitMine now controls 3.62% of Ethereum’s supply after adding over 45,000 ETH last week, aiming to reach a 5% share while maintaining significant staked holdings.

ETH

Summary

BitMine increased its Ethereum reserves by 45,759 ETH last week, bringing its total to 4,371,497 ETH valued at $8.7 billion as of February 16. The holdings represent 3.62% of Ethereum’s total supply, with the firm targeting a 5% share. Of this, 3.04 million ETH is currently staked. The purchase comes despite the firm’s unrealized losses exceeding $8 billion from its average acquisition price of around $3,820 per ETH.

Terms & Concepts
  • ETH (Ethereum): The native cryptocurrency of the Ethereum blockchain, used for transactions, smart contracts, and decentralized applications.
  • Average Cost: The mean price paid per unit of an asset across multiple purchases, used to evaluate investment performance.
  • Unrealized Loss: A decline in the value of an asset held in a portfolio that has not yet been sold, meaning the loss is not locked in.