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For now, one thing is clear: #Bitmine is still buying ETH, no matter how deep the drawdown gets. Bitmine Keeps Buying $ETH Despite Being Deep Loss.
Over the past week, the company added another 52,203 ETH, spending roughly $92 million to increase its already massive Ethereum position. That brings Bitmine's total holdings to an astonishing 5,672,956 #ETH , currently worth around $10 billion. Average Cost around $3,440 per ETH.
While the size of the position is impressive, the unrealized loss is even more remarkable. With ETH trading far below Bitmine's average entry price, the company's Ethereum treasury is currently sitting on an estimated $9.5 billion+ unrealized loss.