Ethereum MicroStrategy Bitmine holds 3.56 million $ETH , with an unrealized loss of $4 billion. Will it blow up???

Bitmine is accumulating ETH again. 8 hours ago, they bought the dip with over 17,000 coins, bringing their total for the week to over 60,000 coins, costing nearly $190 million. Now, they hold a total of 3.56 million ETH at an average price of around $4,000. Their paper loss has already exceeded $4 billion, while the company's market cap is only $7.4 billion, meaning half their assets are tied up in this.

The core question is: how much money does Bitmine have left? They have roughly $600 million available. Although staking ETH yields about 3%, if the price keeps dropping, the returns won't be enough, potentially triggering a vicious cycle. Their stock price has also fallen below 20% from its peak.

I think there are at least two possibilities here:
One is the obvious one: Bitmine is simply a hardcore bull, believes in ETH's long-term value, and keeps buying as the price drops.
The other is the conspiracy theory: using billions of dollars to prop up market optimism so that more people are afraid to sell at the top, making it easier for early big holders to offload in September or October. Don't forget ETH's peak market cap was over $500 billion, and now it's dropped by nearly half. Spending a few billion dollars to put on a show to create a $200 billion exit window is definitely worth it.

That's just how the market is right now—anything is possible. When analyzing, you have to put every angle on the table. After all, everyone already knows the world is basically a makeshift troupe.

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