BitMine boosts ETH holdings closer to $10B as bear market accumulation continues
BitMine Immersion Technologies kept buying Ether during the market downturn, adding 76,881 ETH last week even as ETH briefly fell below $1,600. It now holds 5,620,754 ETH, acquired at an average price of $1,718, and controls about 4.66% of the 120.68 million ETH circulating supply, moving toward its goal of 5%. At current prices, its ETH stash is worth about $10.2 billion but carries nearly $9 billion in unrealized losses. More than 4.1 million ETH has been staked, generating protocol rewards and ongoing yield despite weak prices. Broader pressure on Ethereum persists: spot ETH ETFs saw four straight days of net outflows, and selling has continued since early May. Beyond price weakness, Ethereum faces concerns that layer-2 growth reduces mainnet fee revenue and ETH burns, while leadership departures at the Ethereum Foundation have added governance and strategy uncertainty.
