Gate News reports that on March 9, BitMine announced that as of 4:00 PM Eastern Time on March 8, its total holdings of cryptocurrencies, cash, and high-risk, high-reward investment projects reached $10.3 billion. The specific holdings include: 4,534,563 ETH, 195 BTC, $200 million in Beast Industries equity, $14 million in Eightco Holdings equity, and $1.2 billion in cash.
BitMine Executive Chairman Tom Lee stated that this week, amid concerns over war and soaring oil prices, Ethereum’s price has shown resilience. The company believes that cryptocurrency prices are in the late or final stage of a “mini crypto winter.” He cited analysis from company advisor Tom DeMark, indicating that ETH’s price movement is highly correlated with the S&P 500 index in fall 2011 and fall 1987 (correlations of 89% and 93%, respectively). If this analogy holds, ETH’s price is expected to bottom between March 8 and 14, slightly below the recent low of $1,740.
Lee revealed that over the past week, BitMine accelerated its ETH accumulation, adding 60,976 ETH, exceeding the previous weekly average of 45,000 to 50,000 ETH. He said, “No one rings the bell at the bottom, so BitMine’s strategy is to slightly speed up accumulation.” As of March 8, BitMine’s total staked ETH reached 3,040,483, valued at $6 billion, accounting for 67% of its total holdings.
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