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#BitcoinRalliesOver5Percent
Still Floating Loss of $9.8 Billion, BitMine Continues Buying 126,971 ETH
BitMine, the holder of the largest corporate Ether treasury in the world, continues to increase its asset reserves by purchasing 126,971 ETH in the past week. This move brings their total holdings to 5,543,872 ETH as of June 7, or worth $9 billion. This amount accounts for 4.59% of the total circulating Ether supply, in line with the company's target to hold 5% of ETH supply by 2026.
According to an official release on Monday (6/8), BitMine Chairman Tom Lee explained that this accumulation step is still being taken because the current market price correction does not reflect Ethereum's fundamentals. He considers the price decline following the security breach on Zcash as only a temporary reaction. Moving forward, Lee believes that developments in artificial intelligence (AI) will actually increase long-term demand for decentralized networks like Ethereum.
While holding assets for the long term, BitMine optimizes its treasury by staking 4,718,677 ETH, or about 85% of its total portfolio. This strategy yields an annualized return of 2.99%. Through this allocation, the company is projected to generate passive staking income of $230 million per year.
Behind this accumulation and staking strategy, on-chain data shows that BitMine currently records a floating loss of $9.818 billion. The purchase of 126,971 ETH last week was executed at an average price of $1,788 per token. Meanwhile, the overall average acquisition cost of BitMine's portfolio is $3,446 per ETH, meaning their current investment position is at a minus 51.4%.