$ETH ETH WHALE MODE: 4.37M
$ETH Locked by One Company
Bitmine just went all-in — again.
Last week alone, the firm added 45,759 ETH (~$91M) at around $1,989 per token. That pushes its total holdings to a staggering 4.37 million ETH — roughly 3.6% of Ethereum’s entire circulating supply.
Yes, they’re sitting on massive unrealized losses, with a blended cost basis near $3,821 per ETH. That means ETH would need a ~90% rally from current levels just for them to break even.
But here’s the twist: 3.04 million ETH is staked, generating yield while they wait. This isn’t idle capital — it’s compounding.
Beyond ETH, they also hold BTC, cash reserves, and strategic equity stakes — meaning this is a balance-sheet-level conviction play.
If 3.6% of supply is effectively locked with zero intent to sell… that’s structural supply compression.
Is this Ethereum’s $MSTR moment — or the biggest averaging-down bet in crypto history?
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