Overview
- BitMine now holds roughly 4.28–4.3 million ETH, equal to about 3.5% of the circulating supply.
- Ether’s drop into the low $2,000s has left the company with more than $6 billion in unrealized losses.
- The firm bought 41,788 ETH last week and has staked about 2.9 million ETH as part of its yield-focused treasury approach.
- Management says the mandate is to track ETH and outperform over a cycle, with estimated staking revenue near $164 million offering limited protection during sell-offs.
- Lee notes a continuing crypto deleveraging phase, and observers flag liquidity and market-impact risks given the size of BitMine’s position; the MAVAN staking rollout remains targeted for this quarter.