Bitmine Nears 5% Ownership Target as Ethereum Holdings Reach $14.8 Billion
Bitmine Immersion Technologies has continued its streak of buying Ether (ETH) every week for 65 consecutive weeks, adding 53,501 ETH to its treasury over the past week. This latest purchase brings Bitmine's total holdings to over 5.9 million ETH, valued at approximately $14.8 billion at an ETH price of $2,511.
This represents about 4.9% of Ethereum's circulating supply of 120.7 million ETH, putting the company close to its stated goal of reaching a 5% ownership level. Despite this progress, Bitmine still holds substantial unrealized losses on its Ether holdings, estimated at around $5.1 billion.
According to DropsTab data, these losses are consistent with the idea that Bitmine continued accumulating during a period when Ether and the broader crypto complex were under pressure. The company's chairman, Tom Lee, pointed out that Ether has been among the best-performing major assets since June 30, along with Bitcoin (BTC) and Solana.
Bitmine's NYSE-traded shares (BMNR) saw a 1.3% increase on Monday morning, trading at $24.09 per share. This market reaction suggests that investors are comfortable with the company's accumulation plan, even in light of significant unrealized losses.