Bitmine has increased its purchase of 65,341 ETH, holding a total of 4.66 million ETH, accounting for 3.86% of the entire network, betting on hedging during wartime and staking yield potential.
According to an announcement released on Monday, Bitmine Immersion Technologies (NASDAQ: BMNR) bought an additional 65,341 ETH last week, worth approximately $140 million. After this latest round of buying, Bitmine’s ETH holdings have surpassed 4.66 million, with a total value of about $10 billion.
As of March 22, Bitmine’s asset portfolio includes not only a large amount of ETH but also 196 Bitcoin (worth about $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 ETH held by Bitmine now accounts for approximately 3.86% of the circulating supply on the network (about 120.7 million ETH). When including cash and other assets, the company’s total assets are estimated to be around $11 billion.
However, DropsTab data indicates that due to the recent sharp decline in cryptocurrency prices over the past few months, Bitmine’s ETH holdings currently face an unrealized loss (floating 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 ETH, have outperformed the broader market.” He said:
“ETH has surged 18% against the trend, outperforming the stock market by 2,450 basis points (24.5%). This fully demonstrates the strong hedging properties of cryptocurrencies as a ‘wartime store of value’ during turbulent times. Over the past three weeks, Bitmine has maintained a high-intensity buying rhythm because we believe ETH is in the final stage of a ‘mini-crypto winter.’”
On the other hand, Bitmine has currently staked up to 3.14 million ETH. If all their holdings are staked in the future, the estimated annualized yield could reach $272 million.
- This article is reprinted with permission from: “Block Beast”
- Original title: “Bitmine Invests $140 Million to Buy More ETH! Tom Lee Bets on ‘End of Crypto Downtrend’”
- Original author: Block Sister MEL
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