Bitmine Nears 5% Ownership of Ethereum Supply with Latest Accumulation
Bitmine Immersion Technologies has continued to accumulate Ethereum, adding another 53,501 ETH to its holdings over the past week. This transaction extends the company's weekly buying streak to 65 consecutive weeks and brings its total Ethereum holdings above 5.9 million.
The current valuation of Bitmine's Ether holdings is approximately $14.8 billion at an Ether price of $2,511 per coin, as reported on Sunday. This represents about 4.9% of Ethereum's circulating supply of 120.7 million ETH, moving the company closer to its goal of reaching a 5% ownership level.
Despite the increase in value, Bitmine still holds substantial unrealized losses on its Ether holdings, totaling around $5.1 billion, according to data from DropsTab. This reflects the company's accumulation strategy during a period when Ether and other cryptocurrencies were under pressure.