BitMine Wants To Own 5% Of ETH’s Supply
The largest altcoin by market cap had plunged as low as $3,504.32 from above $4k in the past 48 hours, according to data from CoinMarketCap.
ETH is now down more than 16% over the past week to trade at $3,802.79 as of 1:08 a.m. EST.
Data from StrategicETHReserve shows BitMine holds around 2.83 million ETH worth approximately $10.76 billion on its balance sheet. SharpLink Gaming has the second‑largest ETH treasury with 838.7K ETH.
BitMine’s holdings account for 2.34% of ETH’s total supply, which is more than half the firm’s goal to hold 5%.
BitMine Share Woes Continue
BitMine’s ETH accumulation has been accompanied by a drop in the firm’s share price in recent weeks.
That steepened on Friday, when its shares plummeted more than 11%, according to Google Finance. It’s down a further 1% in after‑hours trading.
Kerrisdale Capital said this week that it has shorted BitMine, calling the firm’s ETH treasury strategy a “relic.”
In a research note, Kerrisdale said investors are better off just buying ETH directly.
This is not the first report regarding a crypto company from the short‑seller. It has also bet against Riot Platforms and Michael Saylor’s Strategy. Riot Platforms said Kerrisdale’s comments were “unsound,” while Strategy ignored it.
Despite the criticism, BitMine shares have surged more than 671% over the past six months.
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