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Bitmine Immersion Technologies reported over $6 billion in unrealized losses for the most recent fiscal year, primarily due to mark-to-market impairments on its Ethereum holdings, while confirming it will continue its weekly accumulation strategy.
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Leading cryptocurrencies fell further on Tuesday, November 10, as investors weighed hotter-than-expected consumer prices and the rising odds of an interest-rate hike.
Bitmine adds 9,587 Ethereum as Tom Lee calls Vitalik Buterin’s “ETH is money” declaration a seismic shift.
Bitmine Immersion Technologies announced its latest asset holdings, reporting approximately $14.3 billion in total assets including over 6 million ETH.
U.S. futures rose, but Dole fell 8.3% after missing Q3 estimates. CEVA, CYPH, CLNE, SMRT, OBX, ASST, NVDA and BMNR also declined premarket.
Major digital asset treasury companies like Strategy and Bitmine continue buying Bitcoin and Ethereum despite slowing their pace compared to a year ago. Strategy holds 4% of Bitcoin's supply and remains a net buyer, while Bitmine controls 4.9% of Ethereum's supply. The author argues this sustained demand from large institutional buyers creates supply pressure that should support long-term price appreciation for both cryptocurrencies.