Bitmine now controls 4.9% of Ethereum supply after adding 53.5K ETH
Written by Sam Bourgistaff writerReviewed by Robert Lakinstaff editorBitmine has bought Ether for 65 consecutive weeks, maintaining its accumulation strategy through a prolonged crypto downturn and $5.1 billion in paper losses.
Bitmine Immersion Technologies extended its Ether buying streak to 65 consecutive weeks, adding 53,501 ETH last week as a broader crypto market recovery lifted the value of its burgeoning digital asset portfolio despite sizable unrealized losses.
The latest purchase brought Bitmine’s holdings to more than 5.9 million ETH, valued at roughly $14.8 billion based on an Ether price of $2,511 as of Sunday. The company now owns 4.9% of Ethereum’s 120.7 million circulating supply, putting it within striking distance of its stated goal of owning 5%.
Bitmine’s chairman, Tom Lee, said Ether, Bitcoin (BTC) and Solana (SOL) have been the three best-performing major assets since June 30, with ETH leading the gains.
“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far,” Lee said.
Following the latest purchase, Bitmine is sitting on roughly $5.1 billion in unrealized losses on its Ether holdings, according to DropsTab data. The paper losses reflect sustained accumulation through the downturn, which began in the fourth quarter of last year and sent Ether and the broader crypto market sharply lower.
The company’s NYSE-traded BMNR shares were up 1.3% on Monday morning, at $24.09 apiece, poised to end the month with an almost-40% increase, according to Yahoo Finance data.
Related: Bitmine extends 14-month ETH buying pace as Ether breaks above $2.5K
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