BitMine Buys 10,000 ETH for $22.9M, Stock Gains 1.75%
The Ethereum Foundation completed a third OTC sale of 10,000 ETH to BitMine at $2,292 per ETH, adding $22.9M of coins to BitMine’s 5.078M ETH holdings. BitMine’s shares rose 1.75% to $21.78, marking a 10% gain over the past month as Ethereum prices climb 7.5%.
1. Third OTC Purchase of 10,000 ETH
BitMine Immersion Technologies acquired an additional 10,000 ETH from the Ethereum Foundation at an average price of $2,292 per coin, marking the Foundation’s third sale to the company this year and totaling $22.9 million in transaction value.
2. Expanding Treasury and Unrealized Losses
With this purchase, BitMine’s total Ethereum holdings reached 5.078 million ETH, following earlier acquisitions of 5,000 ETH in March and 101,901 ETH this week; the firm’s $11.7 billion portfolio now carries unrealized losses exceeding $6.3 billion after a drop from last summer’s peak.
3. Stock Reaction and Market Context
BitMine’s share price rose 1.75% to $21.78 on Friday, extending a 10% gain over the past month as Ethereum’s price climbs 7.5%, reflecting investor optimism in treasury-scale acquisitions as crypto markets recover.