BitMine Holds $11.8B in Crypto Assets Amidst Price Weakness

BitMine, a company specializing in cryptocurrency investments, faces significant challenges due to recent market volatility impacting its holdings. The company’s disclosed holdings of $11.8 billion in crypto assets, including over 3.56 million ETH, have been significantly impacted by the drop in Ethereum prices. As per on-chain analyst Yu Jin, BitMine has suffered a substantial unrealized loss of nearly $2.98 billion, with the current price being considerably lower than its cost basis for ETH.