I have reviewed the public statements regarding BitMine’s recent acquisition of 111,942 ETH, which brings their total control to 4.47% of the circulating supply.
From an investigative standpoint, we need to look past the large asset numbers and verify the underlying health of the company. We should focus on three immediate areas:
Verify the Cost Basis: Find the exact price they paid for the 5.39 million ETH. This is important as it will reveal if the company has massive unrealized paper losses.
Confirm Asset Custody: Verify the exact blockchain addresses for the 4.7 million staked ETH to ensure the funds physically exist where they claim, tricky but possible.
Evaluate Capital Structure: Review their debt levels against their reported $444 million cash reserve to check for sudden insolvency risks if ETH drops below $2,000.
Its a good idea to monitor their upcoming official SEC filings to cross-reference these social media claims with audited balance sheets.
BitMine Added Over 110,000 ETH Last Week, Lifting Holdings Above 5.39 Million ETH
BitMine, one of the largest publicly traded Ethereum treasury companies, said it held 5,390,404 ETH as of May 25, representing about 4.47% of Ethereum’s total supply, after adding 111,942 ETH from the prior week. The company said its crypto assets, cash and “Moonshots” investments totaled about $12.3 billion, including $444 million in cash, 203 BTC, a $200 million stake in Beast Industries and $95 million in ORBS shares. BitMine has staked 4,712,917 ETH, worth about $10.1 billion at current prices. Chairman Tom Lee said ETH’s pullback below $2,200 is an “attractive opportunity.”