Strategy Marks 100th Bitcoin Buy as BitMine Doubles Down on Ether Despite $8B Loss
- Strategy (MSTR) purchased 592 BTC last week for $39.8 million, bringing its total holdings to 717,722 BTC with an unrealised loss of approximately $7 billion.
- BitMine Immersion Technologies (BMNR) expanded its Ethereum position by 51,162 ETH, now controlling 3.66% of the total supply with over 3 million ETH staked.
- Despite ETH falling to $1,918 and BTC trading near $66,000, both firms continue to accumulate, citing attractive entry points and long-term utility.
Strategy (MSTR) added 592 Bitcoin last week, spending about US$39.8 million (AU$55 million), funded entirely through common stock sales, according to a US SEC filing.
The purchase price averaged US$67,286 (AU$102,948) per coin, and the company now holds 717,722 BTC acquired for roughly US$54.5 billion (AU$80 billion), or US$76,020 (AU$116,311) on average.
With Bitcoin trading just above US$66,000 (AU$100K), the position implies an unrealised loss of about US$7 billion (AU$9.9 billion).
Read more: XRP Sees Biggest Realised Loss Spike Since 2022: Capitulation or Turning Point?
And BitMine Keeps Buying ETH, Too
At the same time, BitMine Immersion Technologies (BMNR) expanded its Ethereum position. The firm bought 51,162 ETH last week, worth about US$98 million (AU$138 million). Total holdings now exceed 4.42 million ETH, or about 3.66% of the token’s supply, as of Feb. 22.
Tom Lee, BitMine chairman, has defended the firm’s position as the losses amount, stating that these are expected and are just part of the game, basically.
Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”
Tom Lee, Chairman of Bitmine
BitMine also reported 193 BTC, US$691 million (AU$978 million) in cash, and equity stakes including US$200 million (AU$283 million) in Beast Industries. It said more than 3 million ETH are staked, generating about US$171 million (AU$261 million) in annualised revenue.
Ether fell 3% over the past day to around US$1,918 (AU$2,935). Based on data from DropsTab, losses on roughly US$16.4 billion (AU$25 billion) in ETH purchases now exceed US$8 billion (AU$12.2 billion).
Read more: Bitcoin Lightning Network Surpasses US$1 Billion in Monthly Volume Despite Price Slump
The post Strategy Marks 100th Bitcoin Buy as BitMine Doubles Down on Ether Despite $8B Loss appeared first on Crypto News Australia.
You May Also Like
NEAR Introduces Near.com Super App Targeting AI Integration and Secure Crypto Payments
Michael Saylor’s Confident Outlook on Bitcoin Amid Quantum Computing Concerns
