ETH Drops $200, Approaches Bitmine’s $3,949 Cost Basis — Yu Jin Says 2.151M ETH ($9B) Holdings Under Scrutiny

COINOTAG News on September 22 reports that on-chain analyst Yu Jin observed Ethereum is approaching Bitmine‘s average cost price after an approximate $200 decline in the ETH price, narrowing the margin between market value and the miner’s reported basis.

Yu Jin’s monitoring indicates Bitmine holds 2.151 million ETH — about $9 billion at current valuations — with a stated average purchase price near $3,949. This position creates measurable mark-to-market exposure on the firm’s balance sheet.

Bitmine has communicated it does not intend to liquidate holdings in the short term; nevertheless, market participants and investors will continue to evaluate the company’s stock price, liquidity and treasury management if ETH trades below that cost level.