BitMine Continues to Buy More Ethereum Despite Over $6 Billion in Unrealized Losses

Tom Lee's cryptocurrency investment firm BitMine has announced on February 2nd that it purchased an additional 41,788 Ethereum (ETH) over the past week, bringing its total holdings to 4,285,000 ETH. The average purchase price was approximately $2,317 per ETH. As of February 1st, the value of its ETH holdings was approximately $9.9 billion, with total assets, including $586 million in cash and minor investments in Bitcoin and private companies, reaching $10.7 billion. This recent acquisition increases BitMine's share of the circulating supply of approximately 120.7 million ETH to about 3.55%. The company now holds a significant portion of the circulating ETH...