BitMine boosts ETH holdings closer to $10B as bear market accumulation continues
BitMine Immersion Technologies kept buying Ether during the recent market slump, adding 76,881 ETH last week. It now holds 5,620,754 ETH at an average cost of $1,718 per token, worth about $10.2 billion at current prices. That leaves the company with nearly $9 billion in unrealized losses, though its large staking position helps offset weakness by generating ongoing yield. BitMine has staked more than 4.1 million ETH and is now about 4.66% of Ether’s circulating supply, moving toward its goal of owning 5%. Broader Ethereum sentiment remains pressured. Spot ETH ETFs saw several days of net outflows, and the network faces concerns that layer-2 growth is reducing mainnet fee revenue and ETH burning. Uncertainty has also increased after multiple senior departures from the Ethereum Foundation.
