Bitmain approaches 5% target for Ethereum...Questions about average purchase price

Source: DigitalToday Original Title: Bitmain, approaching 5% target for Ethereum… questions about average purchase price Original Link:

Bitmain, led by Tom Lee, has revealed its largest ever holdings of Ethereum. They claim to hold 3.63 million ETH, with an average acquisition price of $2,840. However, market analysts have countered that this figure is inaccurate.

According to blockchain media, Bitmain holds a total of $11.2 billion in cryptocurrency, cash, and startup investment assets, including 3,629,701 ETH and 192 BTC, a stake in NASDAQ-listed company Eightco Holdings( worth $38 million, and $800 million in cash. In recent months of October and November, Bitmain has been purchasing large amounts of Ethereum weekly, establishing itself as the largest holder of Ethereum in the world.

However, the blockchain analysis firm Lookonchain) estimates that Bitmain's actual average acquisition cost is close to $3997, claiming that an unrealized loss of about $4 billion has occurred. In response, Bitmain has not yet provided a clear explanation.

The controversy surrounding Bitmain's Ethereum holdings is unlikely to subside easily. Given the significant impact that the purchase price and holding size have on the market, the industry is paying close attention to what stance Bitmain will take regarding its actual average purchase price and the scale of evaluation losses.