BitMine incurs nearly 3 billion in losses but continues to invest, Tom Lee: ETH has a chance to hit bottom this week.

Ethereum reserve company BitMine announced it is buying more ETH, with total Holdings reaching 3.55 million Ether. However, with the fall in coin prices, the total asset value has shrunk to 11.8 billion dollars. According to analyst Yu Jin's statistics, although BitMine's total coin holdings are about to approach 3% of the total ETH supply, the company's average cost is at $4,009, currently facing a 21% loss, with unrealized losses reaching as high as $2.98 billion. However, Chairman Tom Lee remains very confident, stating that ETH has a chance to hit bottom this week.

BitMine buys ETH again, total Holdings have reached 3.55 million coins.

BitMine revealed its latest cryptocurrency Holdings yesterday. As of November 16, BitMine holds assets worth $11.8 billion, including:

3,559,879 ETH

192 bitcoins

$37 million of Eightco Holdings stock (ORBS)

607 million dollars of unallocated cash

Remaining embers: Unrealized losses have reached 2.98 billion USD, a loss of 21%.

According to analyst Yu Jin's statistics, although Bitmine's total Holdings is about to approach 3% of the total ETH supply, the company's average cost is $4,009, and the unrealized loss has reached as high as $2.98 billion, with a loss of 21%.

Tom Lee: ETH has the opportunity to bottom out this week.

However, BitMine Chairman Tom Lee insists that this round of cryptocurrency bull market has not yet peaked, and the top of the cryptocurrency cycle may not occur for another 12 to 36 months. Ethereum will continue to benefit fundamentally from the upcoming Fusaka upgrade, the ongoing surge of stablecoins, and the current advancement of tokenization of stocks, bonds, and real estate on Ethereum.

In an interview with CNBC yesterday, he stated that the volatility of cryptocurrencies is extremely high, and the recent weakness in the cryptocurrency market is due to significant loopholes in the balance sheets of one or two market makers. However, the current price of Ether is very attractive and there is a chance it could hit bottom this week. Confidence in ETH remains very strong.

(Tom Lee: The market needs 6-8 weeks to heal, buy the dip in AI stocks, BTC, and ETH)

This article BitMine incurs a loss of nearly 3 billion USD but continues to increase investment. Tom Lee: ETH has a chance to hit bottom this week. First appeared in Chain News ABMedia.