(Seoul=Yonhap Infomax) Kyung Pyo Hong – Bitmine Immersion Technologies (AMS:BMNR), a digital asset holding company focused on Ethereum, increased its Ethereum holdings during last week’s cryptocurrency market downturn.


According to CoinDesk on the 24th (local time), Bitmine disclosed that it acquired an additional 69,822 Ethereum last week.


At current prices, the Ethereum purchased last week is valued at approximately $195 million.


Bitmine now holds a total of 3.63 million Ethereum, representing about 3% of the total market supply.


The company’s cash reserves have risen to $800 million, while Bitmine’s total assets—including Ethereum, cash, and other investments—amount to $11.2 billion.


Digital asset holding companies (DATs) have come under pressure recently as cryptocurrency prices have sharply declined.


Many DATs have halted asset accumulation in recent weeks, and some have begun selling portions of their holdings to fund share buybacks.


Bitmine has been among the companies steadily increasing its Ethereum assets, but it is now facing significant losses from recent cryptocurrency investments.


With Ethereum prices plunging nearly 40% from their August peak, Bitmine is currently sitting on about $4 billion in unrealized losses.


As of 24 hours ago, Ethereum was trading at $2,951, down 0.05%.

Ethereum Chart
[Source : Yonhap Infomax]


kphong@yna.co.kr

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