Bitmine Surpasses 5% Threshold in Ethereum Holdings After Latest Purchase
Bitmine Immersion Technologies has made its latest Ethereum purchase, adding 53,501 ETH to its holdings. This move brings Bitmine's total Ether holdings to over 5.9 million, valued at approximately $14.8 billion based on the current price of $2,511 per ETH.
This purchase puts Bitmine within striking distance of its goal to own 5% of Ethereum's circulating supply, which is currently at 120.7 million. The company's chairman, Tom Lee, noted that Ether has outperformed major assets since June 30, with Bitcoin (BTC) and Solana (SOL) also showing significant gains.
Bitmine has been accumulating Ether for 65 consecutive weeks, a streak that began in the fourth quarter of last year. This sustained buying has resulted in approximately $5.1 billion in unrealized losses on its Ether holdings. Despite this, Bitmine's shares (BMNR) are up 1.3% at $24.09 per share.
According to DropsTab data, Bitmine now controls 4.9% of Ethereum's circulating supply. This move has sparked interest in the crypto market, with some analysts suggesting that institutions may be poised to add to their crypto holdings given the outperformance of cryptos compared to other macro assets.