Unrealized loss of 3.7 billion USD! BitMine buys an additional 98,000 ETH, holding over 4 million tokens

Global second-largest Crypto reserve company BitMine Immersion (Stock Code: BMNR) announced that last week, the company increased its holdings by purchasing 98,852 Ether, worth approximately $300 million, continuing towards its long-term goal of accumulating 5% of the total Ether supply.

Led by “Wall Street wizard” and Fundstrat co-founder Tom Lee, this company now controls 3.37% of the total global Ether supply, holding 4,066,062 Ether with a total value of about $12.2 billion.

It is worth noting that while continuously accumulating, BitMine still holds about $1 billion in cash, with almost no change compared to the previous week, indicating that the company is increasing its Ether position while maintaining high liquidity.

However, the accounting pressure cannot be ignored. According to cryptocurrency data platform DropsTab, as the price of coins has fallen sharply in recent months, BitMine currently bears an unrealized loss (floating loss) of over $3.7 billion on its Ether holdings.

BitMine Chairman Tom Lee remains firmly bullish on Ether and the crypto market. Last month, he stated that the bottom for Ether is “around $2,500,” and predicted that Ether could surge to the $7,000 to $9,000 range before the end of January next year.

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Tags: BitMineBMNRDATTom LeeEthereumEtherCryptoReserve CompanyWall Street Wizard