Bitmine Doubles Down on Ethereum, Owns 4.9% of Circulating Supply
Bitmine Immersion Technologies has continued its Ether buying streak, adding 53,501 ETH to its holdings last week. This brings Bitmine's total Ethereum stash to over 5.9 million units, valued at approximately $14.8 billion at current prices.
The company now owns an impressive 4.9% of the circulating Ethereum supply, which is just shy of its stated goal of owning 5%. According to DropsTab data, Bitmine's Ether holdings are sitting on roughly $5.1 billion in unrealized losses, reflecting sustained accumulation through the downturn that began in Q4 last year.
Bitmine's chairman, Tom Lee, attributes the outperformance of crypto assets, including Ether, Bitcoin, and Solana, to their substantial gains since June 30. He believes this sets the stage for institutions to add to their crypto holdings given the strong performance of these assets in Q3 so far.