BitMine's Ethereum Holdings Reach 3.56M ETH with $2.98B Unrealized Loss

BitMine increased its Ethereum position by 54,000 ETH (approximately $180 million) last week, bringing total holdings to 3.56 million ETH (approximately $11.27 billion), on-chain analyst Yu Jin said on November 18. The holdings approach 3% of Ethereum's total supply. BitMine's average cost basis stands at $4,009 per ETH, resulting in an unrealized loss of $2.98 billion, or a -21% return on the position.