Tom Lee’s BitMine Reveals 3.6 Million ETH Holdings Amid Disputed Average Purchase Price
BitMine disclosed holding 3.63 million ETH, but its stated average purchase price of $2,840 is being disputed by analysts.Summary
BitMine, associated with Tom Lee's Fundstrat, announced total holdings of $11.2 billion as of November 24, including 3,629,701 ETH, 192 BTC, and $800 million in cash. This accumulation brings the company close to its goal of holding 5% of the total Ethereum supply, with Lee stating they currently hold 3%.
However, the disclosure was immediately met with skepticism regarding the stated average purchase price for their ETH holdings, which BitMine claimed was approximately $2,840 per token. Blockchain analytics firm Lookonchain estimated the actual average purchase price to be closer to $3,997, suggesting an unrealized loss of over $4 billion, contrary to BitMine's implied profitability.
Other analysts suggested the $2,840 figure might represent the spot price at the time of posting rather than a true cost basis. BitMine has not yet provided a detailed breakdown to resolve the discrepancy, keeping focus on whether they will clarify their accounting and continue their aggressive accumulation strategy.
(Source：BeInCrypto)