This post was originally published on Coinspeaker
Key NotesBMNR stock dropped by roughly 2% as the broader crypto market struggles to recover.Investors blame Bitmine’s $6 billion unrealized losses for the crash in BMNR value.Bitmine is still buying more Ethereum as Tom Lee is unfazed by the market outlook.
Ethereum ETH $2 253 24h volatility: 1.6% Market cap: $271.87 B Vol. 24h: $46.77 B treasury firm Bitmine has seen its BMNR stock decline sharply amid a broader market downtrend.
Based on the current price of Ethereum, Bitmine now faces roughly $6 billion in unrealized losses.
Chairman Tom Lee defended the firm’s position, pointing to the overall weakness in the market as the primary factor.
Bitmine Stakes More Than 50% of Ethereum Holdings
Data from Yahoo Finance shows that BMNR stock slipped by almost 2% at the close of trading on February 3.
During the pre-market trading session, it also declined by nearly 1%. This outlook is suspected to be connected to the health status of Bitmine’s Ethereum holdings.
With 3.5% of the circulating ETH supply in its stash, valued at $9.9 billion, this firm has recorded more than billions in unrealized losses.
Ethereum has
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