ChainCatcher news, according to market news, BitMine bought a total of 40,000 ETH from FalconX and BitGo on Monday, worth $84 million, trading at about $2,090.
As of the end of last week, BitMine held 4,325,738 ETH, totaling $914 million. The company has now completed 72% of its goal of capturing 5% of Ethereum’s circulating supply. Additionally, BitMine has staked approximately 67% of its ETH holdings, generating an annualized income of $202 million.
According to Tom Lee, the best investment opportunities in cryptocurrencies usually come after a decline. This market pullback is an attractive entry point given Ethereum’s strengthening fundamentals, and the current ETH price does not reflect its high utility as the core of future finance.
In response to BitMine’s large unrealized losses, Tom Lee pointed out that this is an expected component of the Ethereum treasury strategy during market downturns, and the company aims to achieve excess returns through the full market cycle.
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