Bitmine Adds 53.5K ETH, Now Holds 4.9% of Ethereum Supply

Bitmine Immersion Technologies has extended its Ether buying streak to 65 consecutive weeks, purchasing 53,501 ETH last week amid a broader crypto market recovery. The latest acquisition brings the company's total holdings to more than 5.9 million ETH, valued at approximately $14.8 billion at an Ether price of $2,511. Bitmine now controls 4.9% of Ethereum's 120.7 million circulating supply, putting it within reach of its publicly stated goal of owning 5% of all ETH.

The aggressive accumulation strategy has come at a significant cost. Bitmine is sitting on roughly $5.1 billion in unrealized losses on its Ether holdings, according to DropsTab data, reflecting sustained buying through a downturn that began in the fourth quarter of last year. Despite the paper losses, chairman Tom Lee pointed to recent performance as a bullish signal for institutional adoption. "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 said, noting that Ether, Bitcoin, and Solana have been the three best-performing major assets since June 30.

The company's market performance has begun to recover alongside the broader crypto rebound. Bitmine's NYSE-traded BMNR shares rose 1.3% on Monday to $24.09, positioning the stock to close August with a nearly 40% monthly gain. With Ether breaking above the $2,500 level and institutional interest accelerating, Bitmine's long-term bet on ETH appears to be gaining traction as the company pushes toward its 5% supply milestone.