BitMine acquires an additional 20,000 ETH, equivalent to $58.22 million
BlockBeats News, January 27th, according to Onchain Lens monitoring, BitMine bought 20,000 ETH (worth $58.22 million) from FalconX and further staked 184,960 ETH, worth $538 million.
They have cumulatively staked 2,128,160 ETH, worth $6.22 billion.
Compared to a strategy relying on debt and preferred stock financing, Bitmine's current financial structure has more cushioning capability thanks to equity issuance, cash reserves, and ETH staking rewards.
The ebb of the top three buyers, BitMine bears the brunt of ETH selling pressure alone. With a floating loss of 3 billion, it is the ultimate gamble about "buying the dip" and "catching the falling knife."