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Bitmine Immersion Technologies (a public company led by Tom Lee, holding almost 5% of the entire Ethereum supply) closed its fiscal year on August 31 with a loss of more than $6.3 billion versus a profit of $348.6 million a year earlier. Almost the entire shortfall is a paper revaluation of its ETH holdings.
After the $6.3 billion theft from Binance, US exchange-traded funds on BTC and ETH continue to lose money: minus $399 million and minus $140 million in Monday alone. Prices are falling along with flows.
Bitmine Immersion Technologies, traded on the NYSE, bought another 8,573 ETH worth about $19 million last week and is closing in on its goal of holding 5% of all Ethereum coins.
Tom Lee's company bought another 12,535 ETH over the past week and has come close to its stated goal of holding 5% of all existing Ethereum coins on its balance sheet.
