- Bitmine Immersion Technologies extended its Ether buying streak to 65 consecutive weeks, adding 53,501 ETH last week.
- The company now holds over 5.9 million ETH, valued at roughly $14.8 billion, representing 4.9% of Ethereum’s circulating supply.
- Chairman Tom Lee highlighted that Ether, Bitcoin, and Solana have been the top three best-performing major assets since June 30.
- Despite the accumulation, Bitmine faces about $5.1 billion in unrealized losses on its Ether holdings, based on data from DropsTab.
Bitmine Immersion Technologies pushed its Ether (ETH) buying streak to 65 consecutive weeks, acquiring 53,501 ETH last week amid a broader crypto market recovery that lifted the value of its growing digital asset portfolio. The latest purchase brought the company’s total holdings to more than 5.9 million ETH, worth roughly $14.8 billion based on an Ether price of $2,511 as of Sunday.
Consequently, Bitmine now controls 4.9% of Ethereum’s 120.7 million circulating supply, putting it within striking distance of its stated goal of owning 5%. Chairman Tom Lee said Ether, Bitcoin (BTC) and Solana (SOL) have been the three best-performing major assets since June 30, with ETH leading the gains.
“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far,” Lee stated. Meanwhile, the company is sitting on roughly $5.1 billion in unrealized losses on its Ether holdings, according to data from DropsTab, reflecting sustained accumulation through the downturn that began in the fourth quarter of last year.
Bitmine’s NYSE-traded shares (BMNR) were up 1.3% on Monday morning at $24.09 apiece, poised to end the month with an almost 40% increase, per Yahoo Finance data.
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