BitMine issued an official announcement on the evening of November 10th, stating that it had purchased another 110,288 ETH in the past week, successfully pushing its total ETH reserves to 3.5 million, firmly maintaining its position as the world’s largest Ethereum holder.
![图片[1]-BitMine added 110,000 ETH to its holdings, bringing its total holdings to over 3.5 million! Despite a paper loss of $1.66 billion, the company continued to buy on dips.-OzABC](https://www.ozabc.com/wp-content/uploads/248f4eb83dbdc2351b3740f75176f0a8-750x375-1.png)
byBitMine, the leading Ethereum reserve provider, issued an official announcement on the evening of November 10th , stating that it had once again made a large-scale purchase of 110,288 ETH in the past week, an increase of 34% compared to the previous week, successfully pushing its total ETH reserves to 3.5 million, firmly securing its position as the world’s largest Ethereum treasury.
BitMine’s Ethereum holdings surpass 3.5 million.
According to the official announcement, BitMine’s latest cryptocurrency asset allocation is as follows: 3,505,723 ETH; 192 Bitcoins (BTC); $61 million equity in Eightco Holdings (NASDAQ: ORBS); and $398 million in unsecured cash (an increase of $9 million from last week).
Regarding this increase in holdings, BitMine Chairman Tom Lee stated in the announcement:
“The recent pullback in ETH price has provided us with an excellent entry opportunity. This week, we increased our holdings by 110,288 ETH, 34% more than the previous week, officially bringing our total holdings to over 3.5 million ETH, equivalent to 2.9% of the total ETH supply. We’re halfway there and are moving towards our initial goal of the ‘5% alchemy.’ At the same time, our cash position has increased from $389 million to $398 million, leaving room for flexibility in the next wave of investment.”
BitMine holdings have a paper loss of $1.66 billion.
However, it’s worth noting that although BitMine is implementing a strategy of buying more as prices fall, on-chain data analyst Yu Jin points out that BitMine’s current holding cost is an average of $4,020 per ETH, while the current price of ETH is far below this level, resulting in a floating loss of $1.66 billion for BitMine.
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