ETH Drops $200, Approaches Bitmine’s $3,949 Cost Basis — Yu Jin Says 2.151M ETH ($9B) Holdings Under Scrutiny
ETH/USDT
$31,047,650,067.90
$2,386.02 / $2,174.06
Change: $211.96 (9.75%)
-0.0008%
Shorts pay
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.