Bitmine Nears 5% Ethereum Ownership with Massive $14.8B Treasury

Bitmine Immersion Technologies has made another significant Ethereum purchase, adding 53,501 ETH to its treasury over the past week. This brings the company's total holdings to more than 5.9 million ETH, valued at approximately $14.8 billion based on an Ether price of $2,511.

The acquisition extends Bitmine's weekly buying streak to 65 consecutive weeks and puts it close to its goal of holding 5% of Ethereum's circulating supply of 120.7 million ETH. Currently, the company holds around 4.9% of this total.

Despite the expansion of its Ether holdings, Bitmine still carries significant unrealized losses on its digital-asset portfolio, with approximately $5.1 billion in paper losses, according to DropsTab data.