Bitmine nears 5% of Ethereum supply despite $8.4B in unrealized losses
BitMine Immersion Technologies resumed Ether buying, adding 9,926 ETH in the week ending Aug. 16 and raising its total to about 5.82 million ETH, or roughly 4.8% of Ethereum’s circulating supply. At a reference price of $1,893, its ETH holdings were worth about $11 billion, putting it close to its long-term goal of owning 5% of total ETH supply. The company remains under heavy pressure from Ether’s prolonged bear market, with more than $8.4 billion in unrealized losses on its treasury holdings. Even so, it has continued buying ETH every week since starting its treasury strategy in June 2025. BitMine also stakes more than 5 million ETH, worth about $9.6 billion, generating network rewards and an estimated $287 million in annualized staking income based on a 2.61% seven-day yield.
