I came across some info online that says Bitmine’s total ethereum stash is 5,078,386 ETH. That’s worth around $11.75 billion to $13.3 billion, depending on where ETH is trading at today.
If Bitmine is sitting on a $5 million unrealized loss, that’s nearly half of what they’ve invested in ethereum.
Really hope ethereum doesn’t let them down.
Bitmine is obviously gambling on ethereum. It's kinda weird they keep accumulate ethereum, though they're already in massive lose. I can only guess they're getting trapped with their own plan. So they have no choice instead of keep gamble on ethereum for long term instead of looking another proper coin to invest.
It's obvious how they refuse to admit their plan were not working. The good part is that they can still stake all of ethereum to recover their lose a little bit. However, if ethereum goes even lower in the coming months, they're digging their own graveyard.
Let's see how long they can survive with that big unrealized lose.
Since January this year, they have accumulated Ethereum (ETH) 15 times, I think they want to be serious about investing in Ethereum (ETH). Unlike other public companies, they're taking an anti-mainstream step, which is very very risky for them if we see the price of Ethereum (ETH) fall further in the future. BTW, there's a mistake in your writing @Oshosondy, million should be billion.
Seems no one can stop them now! in other word their trust in Ethereum in the long term is sky high. They are even trying to make up for their losses by giving staking reward. But mate, holding this huge position with a loss of 6.5 billion dollar mean standing on fire. If the price of Ethereum continues to fall for a long time then company is at risk of going completely under
If I were in that position I would not just follow Ethereum but play a balanced game. I would keep some of the treasury in Bitcoin or invest in something that will generate regular income. So even if the Ethereum market crash at least I would not have to worry
Maybe they want to be the Strategy on Ethereum. Maybe they have the same mindset that in the future, Ethereum has a bigger chance to go up and reach new all time high. But as what someone says, it seems that this is gambling on their part. Not saying that Strategy is not gambling on Bitcoin, but the chance of Bitcoin is better to stay in the market and getting huge returns as compare to Ethereum.
Since they are already deep into ETH, it seems they want to average down after all $6.5B unrealized losses isn't small and to make it easier to get to break even, they added more ETH into their holding when it's cheap.
Should've gone to bitcoin honestly but these company definitely have something in mind and why they keep accumulating.
It's pretty difficult for ETH to go up seeing how underperforming it was and the yearly inflation rate which isn't much but it exist nonetheless and ETH supply is uncapped.