Bitmine Buys 126,971 ETH for $214M as Losses Hit $9.6B
BMNR•Bitmine Immersion Technologies added 126,971 ETH ($214M) last week, boosting its total to 5.54M ETH (4.59% of supply) even as ETH slid to $1,690, generating $9.6B in paper losses and dragging its shares down 49% this year. A DWF Labs exec warns Bitmine’s $10.35B unrealized loss could spark a crypto crash.
1. Bitmine’s Largest Ethereum Acquisition
Bitmine Immersion Technologies added 126,971 ETH this week (up from 26,497 ETH the prior week), spending $214M to boost its treasury to 5.54M ETH (4.59% of circulating supply), valued at $9.3B, while retaining $247M cash and progressing toward a 5% supply target.
2. Systemic Risk Warning Following Large Unrealized Losses
A DWF Labs executive flagged Bitmine’s $10.35B unrealized loss on 5.42M ETH (average cost $3,500 per token) as a potential catalyst for a crypto crash, noting shares have slumped 28% since early May and are down 49% this year, with mark-to-market losses flowing directly into GAAP earnings.
