Bitmine now controls 4.9% of Ethereum supply after adding 53.5K ETH
Bitmine Immersion Technologies extended its Ether buying streak to 65 straight weeks, purchasing 53,501 ETH last week. That lifted its total holdings to over 5.9 million ETH, worth about $14.8 billion at roughly $2,511 per ETH, and equal to 4.9% of Ethereum’s circulating supply, close to its 5% target. The accumulation has left Bitmine with about $5.1 billion in unrealized losses, reflecting buys made during last year’s crypto downturn. Still, the recent crypto recovery has boosted the value of its portfolio. Chairman Tom Lee said ETH, BTC, and SOL have been the top major assets since late June and argued that strong crypto outperformance could encourage more institutional buying. Bitmine shares rose 1.3% on Monday and were set for a strong monthly gain.
