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The company’s overall ETH assets exceed 4.3 million tokens valued at approximately $8.7 billion at the current rate slightly above $2,000.
Tom Lee of Bitmine. (CoinDesk)
Key points:
- Bitmine Immersion Technologies announced it now has control over $10 billion in cryptocurrencies, stocks, and cash after acquiring additional ether during the market downturn last week.
- The firm reported the acquisition of 40.613 tokens last week, but did not reveal the price at which they were purchased.
- Bitmine is facing an approximate $7.8 billion unrealized loss on its ETH acquisitions, which are said to have been made at an average price of $3,826 per token.
Bitmine Immersion Technologies (BMNR) increased its ether
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Under the leadership of Chairman Tom Lee, the firm, which holds the largest amount of ETH globally, acquired an additional 40,613 tokens over the previous week, although it did not disclose the average purchase price. ETH started the week above $2,300 and dropped to a low of $1,700 before concluding the week just above $2,000.
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BMNR shares are steady in early trading on Monday, albeit down 34% year-to-date.
"Bitmine has been consistently acquiring Ethereum, as we consider this market pullback to be appealing, given the strengthening fundamentals,” stated Lee in a news release. “In our opinion, the ETH price does not accurately represent the high utility of ETH and its significance as the future of finance.”
Approximately two-thirds of the company’s ETH, roughly 2.9 million tokens, are already staked, yielding an annualized return of $202 million.
Bitmine continues to experience substantial losses on its ETH purchases. According to data from Dropstab, the company has incurred a loss of $7.8 billion on its ether assets, which were acquired at an average price of $3,826.
