Bitmine's Ethereum Streak Continues as Company Nears 5% Market Share

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

This acquisition has pushed Bitmine's share of Ethereum's circulating supply to 4.9%, putting the company within striking distance of its stated goal of owning 5% of the total ETH supply.

According to DropsTab data, Bitmine is now sitting on around $5.1 billion in unrealized losses on its Ether holdings, a reflection of sustained accumulation through the downturn that began in the fourth quarter of last year.