Bitmine Nears 5% ETH Target Amid $8.4 Billion in Unrealized Losses
Bitmine Immersion Technologies has been accumulating Ethereum (ETH) every week since June 2025, aiming to own one in every 20 ETH in circulation. The company's current total stack is 5,815,164 ETH, representing 4.8% of Ethereum's circulating supply.
In the seven days ending Aug. 16, Bitmine added 9,926 ETH, pushing it 96% of the way towards its target. Chairman Tom Lee has not wavered from the strategy despite heavy paper losses, which amount to $8.4 billion and account for about 43% of the portfolio's present value.
The company's holdings are worth roughly $11 billion at a reference price of $1,893 per token, but it paid significantly more. Lee attributes the recent shift in the ETH/BTC ratio to early signs of institutional tokenization and AI-driven applications settling on blockchain rails.