BitMine bought 10,399 ETH this week, but the company's total holdings still dropped by about $500 million. As of 4:00 pm ET on Aug. 2, BitMine's combined crypto, cash, and 'moonshot' assets stood at $11.3 billion — down from $11.8 billion the previous week. The decline came from the price at which BitMine marked its positions, not from selling.
The numbers
The purchase of 10,399 ether is a notable addition. But the bigger story is the $500 million slide in total holdings. BitMine's portfolio includes crypto, cash, and a category it calls 'moonshot' assets — high-risk bets. The drop happened even as the company added to its ETH stack.
Why holdings fell despite the buy
BitMine marks its positions at current market prices. The facts don't specify which assets were marked down, but the effect is clear: the value of what BitMine already held fell more than the value of the new ETH it bought. That's a reminder that buying more doesn't always offset a broader price decline in a portfolio.
What BitMine holds now
The company hasn't disclosed a full breakdown of the $11.3 billion. But the 10,399 ETH purchase is public. BitMine's total holdings are down about 4.2% from the prior week. The next weekly update will show whether the markdowns continue or reverse.
