According to an announcement released on Monday, Bitmine Immersion Technologies (NYSE: BMNR) increased its purchase of Ethereum by 65,341 coins last week, worth approximately $140 million. After this latest round of buying, Bitmine’s Ethereum holdings have surpassed 4.66 million coins, with a total value of about $10 billion.
As of March 22, Bitmine’s asset portfolio includes not only a large holding of Ethereum but also 196 Bitcoin (worth around $13.9 million), $200 million worth of Beast Industries shares, and an investment of up to $95 million in WLD (World Coin) reserve company Eightco. The company also holds $1.1 billion in cash.
Statistics show that the Ethereum held by Bitmine accounts for approximately 3.86% of the total circulating supply on the network (about 120.7 million coins). When including cash and other assets, the company’s total assets are estimated at around $11 billion.
However, DropsTab data indicates that due to the cryptocurrency price crash over the past few months, Bitmine’s Ethereum position currently faces an unrealized loss (paper loss) of about $7 billion.
“Wall Street wizard” and Bitmine Chairman Tom Lee stated in a release: “Many have noticed that since the outbreak of the Iran conflict, cryptocurrencies, especially Ethereum, have outperformed the broader market.” He said:
Ethereum surged 18% against the trend, outperforming the stock market by 2,450 basis points (24.5%). This fully demonstrates the strong hedging property of cryptocurrencies as a “wartime store of value” during turbulent times.
Over the past three weeks, Bitmine has maintained a high-intensity buying pace because we believe Ethereum is in the final stage of a “mini-crypto winter.”
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