Bitmine Immersion Technologies bulletins indicate that the company's 12-month “Alchemy 5%” is in its final stages of the Taifung configuration. According to the company, its total assets, together with cash and start-ups, had risen to $11.1 billion, most of which had been pledged by the Taifeng to sustain cash flows.
4.88 million ETH has been pledged
According to the company, 4.88 million ETH has been involved in the pledge through its United States-owned certification network, Mavan. Based on current performance estimates, this component of assets could generate about $235 million to $277 million in passive income per year.
This arrangement means that Bitmine ' s Etherwood strategy is not simply a mere currency, but rather an attempt to cover daily expenses through large-scale pledges and to provide cash-flow support for continued holding.
Average purchase price is higher than current price
However, this strategy is accompanied by obvious pressures. It was reported that Bitmine ' s average cost of buying ETH over the past year was over $3300, while on 6 July ETH prices were between $1740 and $1,800.
On the basis of this price range, the company currently holds the corresponding unrealized book losses of over $9 billion to $10 billion. While short-term liquidity pressures are relatively limited because the company has no debt and splits and operating expenses are mainly covered by pledged cash flows, overall financial performance remains highly dependent on subsequent ETH price changes.
Tom Lee talks about ETH/BTC movement.
At the same time, Tom Lee, Chairman of Bitmine and co-founder of Fundstrat, mentioned that the ETH/BTC ratio had been significantly higher in the recent past, reflecting the beginning of a significant re-evaluation of the actual use of the Taifung.
He linked this change to the expectations of the United States Clarity Act, arguing that, if the relevant legislation moved forward, ETH might be further identified as a digital commodity regulated by the United States Commodity Futures Trading Commission. Lee also mentioned that USDC-related payment activities were already being handled by the ETA network and that the cooperation scenario included enterprises such as Visa and Shopify.
At the same time, the market is also comparing changes in the allocation of institutional funds between Bitcoin and the Ethera. It was reported that Michael Saylor, under the flag of Strategy, had recently sold 3588 BTCs, with an estimated $216 million, but still held 843775 BTCs on his balance sheet.
This contrast has given rise to concerns as to whether large encryption firms are now shifting more of the additional funds to the Inn and no longer only around bitcoin.