Bitmine Now Holds Nearly 5% of Ethereum Supply

Bitmine Immersion Technologies continued its aggressive Ether accumulation strategy for a 65th consecutive week, purchasing another 53,501 ETH last week as a broader crypto market recovery increased the value of its digital asset holdings.

The latest acquisition lifted Bitmine’s Ether reserves to more than 5.9 million ETH, worth approximately $14.8 billion based on an ETH price of $2,511 as of Sunday. The company now controls around 4.9% of Ethereum’s circulating supply of 120.7 million ETH, bringing it close to its stated target of owning 5% of the total supply.

Bitmine nears 5% of Ethereum supply

Bitmine Chairman Tom Lee said Ether, Bitcoin (BTC) and Solana (SOL) have been the three strongest-performing major crypto assets since June 30, with ETH posting the largest 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.

The continued accumulation has positioned Bitmine as one of the largest corporate holders of Ether, with its treasury strategy remaining focused on building exposure despite previous market weakness.

Unrealized losses remain significant

Despite the recent market recovery, Bitmine is still carrying approximately $5.1 billion in unrealized losses on its Ether holdings, according to DropsTab data. The paper losses reflect the company’s sustained buying throughout the market downturn that began in the fourth quarter of last year, when Ether and the wider crypto market declined sharply.

Rather than reducing exposure during the downturn, Bitmine continued accumulating ETH, resulting in a lower average acquisition price over time but also substantial unrealized losses while prices remained depressed.

BMNR shares gain as crypto market recovers

Bitmine’s NYSE-listed shares, trading under the ticker BMNR, were up 1.3% on Monday morning at $24.09. The stock was on track to finish the month with a gain of nearly 40%, according to Yahoo Finance data, as improving crypto market conditions and the rising value of the company’s Ether holdings supported investor sentiment.

Sources:

https://cointelegraph.com/news/bitmine-ether-buying-streak-65-weeks-ethereum

https://dropstab.com/p/bitmine-ethereum-treasury-lipdgyz9ho