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06/16 04:06

BitMine Approaches 5% of ETH Supply as $10B ETH Ho

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BitMine Approaches 5% of ETH Supply as $10B ETH Holdings Grow BitMine Immersion Technologies has continued adding to its Ethereum treasury holdings, purchasing a further 76,881 ETH over the past week despite a broader market slump. The incremental buys come as Ether recently dipped toward the $1,600 area, highlighting how the company is maintaining a steady accumulation strategy rather than waiting for a rebound. In its latest update, BitMine reported that it now holds 5,620,754 ETH at an average acquisition price of $1,718. At the time of reporting, Ether was trading at $1,843.69, according to CoinMarketCap, placing the portfolio at roughly $10.2 billion in value. However, DropsTab data cited by the company’s update indicates the holdings still carry unrealized losses of nearly $9 billion relative to the average cost basis.

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