Bitmine Buys 110,000 ETH to Lower Average Acquisition Cost as Unrealized Loss Reaches $1.66B

COINOTAG News, dated November 10, cites on-chain analyst Yu Jin who reported that Bitmine executed a substantial ETH purchase last week, disclosed in a post on social media.

The operation added 110,000 ETH, valued at roughly $385 million, expanding Bitmine’s ETH holdings to 3.505 million ETH, or about $12.42 billion at current prices. The reported cost basis sits near $4,020 per ETH, yielding an unrealized loss of about $1.66 billion.

Industry observers frame the move as an effort to lower the average acquisition price of Bitmine’s ETH position, effectively reducing the cost basis while avoiding speculative bets on near-term ether direction.