Bitmine’s operation is giving me goosebumps—holding 5.62 million ETH in hand, with an unrealized loss of 9 billion on paper, yet still calmly adding to the position. Is this really “faith funding” or a gambler’s mindset? They’ve raised 270 million in perpetual preferred shares to keep buying—so they really treat ETH like a bank deposit.

CryptoWorld News, Bitmine significantly increased its Ethereum holdings last week, purchasing 76,881 ETH, bringing its total holdings to 5.62 million ETH, with a market value of approximately $10.35 billion, accounting for 4.66% of Ethereum's circulating supply. Despite lowering the average acquisition cost during the market downturn, Bitmine still reports unrealized losses of over $9 billion on its Ethereum position. Additionally, Bitmine holds 204 Bitcoin and other significant equity investments. The company raised approximately $273.8 million in net proceeds through the recent issuance of 3.5 million shares of 9.5% perpetual preferred stock.