Bitmine Nears 5% of Ethereum Supply Amid $8.4B Unrealized Losses

Bitmine, an Ethereum treasury company founded by Tom Lee, has continued to accumulate Ether (ETH) despite facing significant losses. The firm purchased 9,926 ETH during the week ending August 16, bringing its total holdings to approximately 5.82 million ETH, or about 4.8% of Ethereum's circulating supply.

The latest acquisition valued Bitmine's Ether holdings at around $11 billion, but much of this value is comprised of unrealized losses due to the company's purchases being made at significantly higher prices.

Bitmine's conviction has been tested by a prolonged bear market for ETH, which has sharply eroded the value of its digital asset treasury. The firm is sitting on more than $8.4 billion in unrealized losses on its ETH holdings, according to industry data.