Bitmine Closes In on 5% Stake in Ethereum Amid Crypto Recovery
Bitmine Immersion Technologies has extended its streak of buying Ethereum to 65 consecutive weeks, adding 53,501 ETH last week. This purchase has brought Bitmine's holdings to over 5.9 million ETH, valued at around $14.8 billion based on an Ether price of $2,511 as of Sunday. With this latest acquisition, Bitmine now owns 4.9% of Ethereum's circulating supply, putting it within striking distance of its goal of owning 5%. Chairman Tom Lee stated that 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. Despite sizable unrealized losses on its Ether holdings, Bitmine's NYSE-traded BMNR shares were up 1.3% on Monday morning.