BREAKING
106d 5h ago
Bitmine Buys 110,000 ETH to Lower Average Acquisition Cost as Unrealized Loss Reaches $1.66B
ETH
ETH/USDT
$1,914.61
-3.04%
$1,914.61
-3.04%
(24s)24h Volume
$13,607,322,439.72
24h H/L
$1,975.81 / $1,847.46
Change: $128.35 (6.95%)
Long/Short
75.5%
Long: 75.5%Short: 24.5%
Funding Rate
-0.0024%
Shorts pay
Data provided by COINOTAG DATALive data
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.
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