Overview
- BitMine now holds roughly 4.24–4.29 million ETH, representing just over 3.5% of Ethereum’s circulating supply.
- Unrealized losses are estimated at about $6–7 billion after ether’s slide, with ETH briefly trading near the low $2,100s.
- BMNR shares fell sharply, with one session showing a 9.17% drop to $20.30 as investor focus turned to the company’s deep ETH exposure.
- The company added about 41,788 ETH in its latest purchase and has staked nearly 2.9 million ETH to earn yield and support its validator initiative.
- Chairman Tom Lee defended the drawdown as consistent with an index-like treasury strategy, noting staking revenue estimates near $164 million annually provide limited offset during selloffs.