BitMine's Recent Ethereum Acquisition Results in Significant Losses

According to Odaily, blockchain analyst Yu Jin reports that BitMine purchased 110,000 ETH last week, valued at approximately $385 million. This acquisition brings BitMine's total Ethereum holdings to 3.505 million ETH, worth around $12.42 billion. Despite this substantial investment, BitMine's average cost per ETH stands at $4,020, leading to a significant unrealized loss of approximately $1.66 billion.