Overview
- BitMine now holds about 4.24 million ETH valued near $9.6–$10.2 billion at recent prices around $2,300–$2,400.
- The company added 40,302 ETH in the past week, taking the position higher just before prices fell toward $2,300.
- Roughly 2 million ETH are staked, and Ethereum’s exit queue can delay withdrawals by days or weeks, limiting immediate liquidity.
- Analysts caution that a rapid or forced unwind of the position could push ETH down another 20–40% given market depth constraints.
- There is no clear evidence the holdings are levered or facing margin calls, while estimated ~$164 million in annual staking revenue offers limited offset as Tom Lee adopts a more cautious near‑term tone.