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\n\t\t\t\t\t\t\t\t\tThe company also said that it has a cash reserve of $1.2 billion.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
The Tom Lee-chaired former Bitcoin mining entity continues with its substantial ETH accumulation, adding another 60,976 coins for nearly $123 million.<\/p>\n
Its total stash has risen to 4,535,563 ETH, valued at over $9 billion at current levels. Nevertheless, the firm\u2019s average entry price for its ETH fortune is still well over $3,700 per coin, which means that it still sits on unrealized losses of billions of dollars.<\/p>\n
Aside from owning 3.76% of all the Ethereum supply, though, the company still holds<\/a> 195 BTC, a $200 million stake in Beast Industries, a $14 million stake in Eightco Holdings, and $1.2 billion in cash reserves.<\/p>\n \u201cEthereum prices showed resilience this week, in the face of rising war concerns and surging oil prices. We continue to believe that crypto prices are in the late\/final stages of the \u2018mini-crypto winter\u2019 and are tracking the base case outlined by Bitmine\u2019s advisor, Tom DeMark of DeMark Analytics.<\/p>\n According to DeMark, ETH prices in 2026 are tracking the path of the S&P 500 in the fall of 2011 and fall of 1987 closely,\u201d commented Lee.<\/p>\n<\/blockquote>\n He added that the correlations to these price trajectories is 89% and 93% for 2011 and 1987, respectively. If these analogs continue, ETH prices will bottom in the current week below $1,750, consistent with the overall market structure in the final stages of \u2018mini-crypto winter.\u2019<\/p>\n Consequently, Lee explained that BitMine\u2019s strategy will continue to be to slightly increase its pace of ETH accumulation.<\/p>\n ETH has rebounded in the past few hours after the intense market-wide volatility prompted<\/a> by the developments in the Middle East and now sits inches above the coveted $2,000 level. However, the asset\u2019s breakout attempt from last week was halted at $2,200, and it has been unable to challenge those levels since.<\/p>\n LIMITED OFFER for CryptoPotato readers at Bybit: Use this link<\/a> to register and open a $500 FREE position on any coin!<\/b><\/p>\n<\/div>\n<\/div>\n\n
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