Bitmine's ETH holdings estimated at $9.7 billion in unrealized losses

BitMine ($BMNR) is sitting on an estimated $9.7 billion unrealized loss on its Ethereum holdings, a drawdown of roughly 47.7%, after disclosing 6.07 million ETH (4.97% of total supply, including 5.227 million staked) at a $2,234 mark as of Nov. 9. PANews, citing BitMine's disclosures and BitMineTracker data, put the average acquisition cost at $3,352.58 per token for a total outlay of $20.35 billion, against an ETH price of about $1,753. The scale of the position makes BitMine one of the largest corporate ETH holders, so its mark-to-market losses are a bellwether for digital-asset treasury strategies. Watch ETH's price relative to BitMine's ~$3,353 break-even, the share of tokens staked, and any disclosure on impairment or treasury policy.