BitMine Discloses 3.6M ETH Holdings Amid Price Decline

BitMine Immersion Technologies, the world's largest corporate holder of Ethereum, disclosed this week that it controls nearly 3.6 million ETH tokens, representing about 3 percent of the cryptocurrency's total supply. The announcement came amid a sharp decline in Ethereum's price, which fell below $3,000 for the first time since July, resulting in over $4 billion in unrealized losses for the company's treasury. Despite the downturn, BitMine continued its accumulation strategy, purchasing additional ETH worth tens of millions of dollars in recent transactions.

The firm's holdings, valued at roughly $10 billion at current prices around $2,800 per ETH, reflect a 27 percent drop in the asset's value over the past month. Ethereum traded as low as $2,797 this week, down 7.6 percent in the last 24 hours and 13 percent over the prior seven days, according to market data. This volatility has amplified pressure on BitMine's balance sheet, where its market-to-net-asset-value ratio stands at 0.73 on a basic basis and 0.88 on a diluted one. The company's stock, traded under the ticker BMNR on the American Stock Exchange, plunged 50 percent in the same period, outpacing Ethereum's decline and...