Bitmine Surpasses $14 Billion in Ether Holdings, Nears 5% Supply Control

Bitmine Immersion Technologies has continued its remarkable Ether buying streak, adding another 53,501 ETH to its holdings last week. This latest purchase brings Bitmine's total Ether holdings to over 5.9 million units, valued at approximately $14.8 billion based on an Ether price of $2,511 as of Sunday.

This significant addition has pushed Bitmine's control over the Ethereum supply to a substantial 4.9%, with its chairman Tom Lee stating that Ether, Bitcoin (BTC), and Solana (SOL) have been the top-performing major assets since June 30, with ETH leading the gains.

The company's chairman believes this outperformance sets the stage for institutions to add more crypto holdings, given the substantial gains of crypto over other macro assets in Q3 so far. The news has contributed to a rise in Bitmine's NYSE-traded BMNR shares, which were up 1.3% on Monday morning.