#bitmine增持10452枚eth
There’s not much to get excited about, let alone thrilled. The amount of money itself isn’t that big. What’s really worth noting is that they also did something much bigger at the same time. 👍
The company announced on October 26 that, as of October 25, its Ethereum holdings had reached 6,051,933 ETH. Using their own figure of $2,356 per ETH, those coins alone are worth about $14.3 billion. Add cash, stocks, and other investments, and the total comes to around $15 billion. The previous week it was still $15.1 billion. They added coins, but the value on the books actually shrank.
10,452 ETH, worth about $24 million. Against the more than 6 million coins they hold, that’s not even a drop in the bucket. They bought 12,535 ETH last week, so this week’s purchase was smaller. It looks like a lot, but in reality they’ve slowed down their buying.
The bigger move this week was buying back their own shares: about 2.04 million shares at an average price of $22.48, for nearly $46 million. Buybacks this year have now reached about $400 million. Cash fell from $582 million to $514 million, a decrease of about $68 million. They spent $24 million on coins and $46 million on buybacks—together, that roughly accounts for the cash reduction this week.
So this isn’t a case of going all-in because they’re bullish. It’s more like a company that already holds too many coins realizing its own stock is cheaper than the coins, so it’s looking after its shareholders first. They’re still buying coins, mainly to see through that slogan. They want to own 5% of the Ethereum supply; they’re now at 4.95%, with about 58,000 ETH to go. They call it “5% Alchemy.” That final stretch is worth more as a narrative than the 10,452 ETH themselves.
There’s another thing many people haven’t factored in. They’ve staked about 5.22 million ETH, roughly 86% of their holdings. At their assumed yield, staking generates about $300 million a year. These aren’t spot coins they can just dump tomorrow. Even if the price moves sideways or falls, their holdings are still paying them. You’re sitting on spot ETH, waiting it out; they’re earning yield on the very same coins. Those are completely different mindsets.
They also didn’t say whether they bought these coins on an exchange or in a private deal, let alone disclose the average purchase price. So take the claim that “exchanges saw 10,452 ETH of buying this week” with a grain of salt.
The hardest moments for retail investors are times like this. A news story comes out and it feels like someone has proved you were right about the direction. But they’re buying toward a public target, buying into their own stock story, and buying a long-term position they can stake. Get it? 🥳🥳
#ETH
There’s not much to get excited about, let alone thrilled. The amount of money itself isn’t that big. What’s really worth noting is that they also did something much bigger at the same time. 👍
The company announced on October 26 that, as of October 25, its Ethereum holdings had reached 6,051,933 ETH. Using their own figure of $2,356 per ETH, those coins alone are worth about $14.3 billion. Add cash, stocks, and other investments, and the total comes to around $15 billion. The previous week it was still $15.1 billion. They added coins, but the value on the books actually shrank.
10,452 ETH, worth about $24 million. Against the more than 6 million coins they hold, that’s not even a drop in the bucket. They bought 12,535 ETH last week, so this week’s purchase was smaller. It looks like a lot, but in reality they’ve slowed down their buying.
The bigger move this week was buying back their own shares: about 2.04 million shares at an average price of $22.48, for nearly $46 million. Buybacks this year have now reached about $400 million. Cash fell from $582 million to $514 million, a decrease of about $68 million. They spent $24 million on coins and $46 million on buybacks—together, that roughly accounts for the cash reduction this week.
So this isn’t a case of going all-in because they’re bullish. It’s more like a company that already holds too many coins realizing its own stock is cheaper than the coins, so it’s looking after its shareholders first. They’re still buying coins, mainly to see through that slogan. They want to own 5% of the Ethereum supply; they’re now at 4.95%, with about 58,000 ETH to go. They call it “5% Alchemy.” That final stretch is worth more as a narrative than the 10,452 ETH themselves.
There’s another thing many people haven’t factored in. They’ve staked about 5.22 million ETH, roughly 86% of their holdings. At their assumed yield, staking generates about $300 million a year. These aren’t spot coins they can just dump tomorrow. Even if the price moves sideways or falls, their holdings are still paying them. You’re sitting on spot ETH, waiting it out; they’re earning yield on the very same coins. Those are completely different mindsets.
They also didn’t say whether they bought these coins on an exchange or in a private deal, let alone disclose the average purchase price. So take the claim that “exchanges saw 10,452 ETH of buying this week” with a grain of salt.
The hardest moments for retail investors are times like this. A news story comes out and it feels like someone has proved you were right about the direction. But they’re buying toward a public target, buying into their own stock story, and buying a long-term position they can stake. Get it? 🥳🥳
#ETH