“BMNR will see ‘unrealized’ losses on our holdings of ETH during these times,” he posted. “It’s not a bug, it’s a feature. Shall we call out all index ETFs for their losses?”
“Bottom line: Ethereum is the future of finance,” he added.
The firm, which maintains a treasury of 4,285,125 ETH or $8.4 billion worth, was down more than $6 billion on its holdings earlier this week as ETH had fallen to $2,300.
Now with Ethereum falling another 10% in the last 24 hours to a recent price of $1,932, down nearly 32% in the last seven days, Bitmine’s have extended to around $8 billion.
Bitcoin Crash Could Deepen to $38K, Say Analysts—Here's Why
At its recent price of $1,921, Ethereum was trading more than 61% off its August all-time high of $4,946, according to data from CoinGecko.
