Bitmine now controls 4.9% of Ethereum after ETH buy
Bitmine now controls Ethereum’s circulating supply at 4.9% after adding 53,501 ETH last week, extending a 65-week buying streak. The NYSE-listed firm holds more than 5.9 million Ether worth about $14.8 billion, leaving it near a 5% ownership goal despite roughly $5.1 billion in paper losses.
Key Takeaways
- Bitmine Immersion Technologies bought 53,501 ETH last week, stretching its Ether accumulation streak to 65 consecutive weeks.
- Holdings now exceed 5.9 million ETH, valued at about $14.8 billion at $2,511 per Ether as of Sunday.
- That stake equals 4.9% of Ethereum’s 120.7 million circulating supply, close to Bitmine’s stated 5% target.
- DropsTab data shows roughly $5.1 billion in unrealized losses after Bitmine bought through a downturn that began in the fourth quarter of last year.
- BMNR shares rose 1.3% Monday morning to $24.09 and were on track for an almost 40% monthly gain.
Bitmine Immersion Technologies kept buying Ether through a prolonged crypto slide and a market rebound, according to Cointelegraph. The latest weekly add pushed its treasury deeper into Ethereum’s float while paper losses remain large.
For more Fintech & Crypto Alerts, BlasterPost tracks corporate digital-asset treasuries as they scale.
How close is Bitmine to its 5% Ethereum goal?
After last week’s purchase, Bitmine owns more than 5.9 million ETH. At Sunday’s Ether price of $2,511, that stack was worth roughly $14.8 billion.
Cointelegraph reports the company now holds 4.9% of Ethereum’s 120.7 million circulating supply. Management’s stated aim is to own 5%, so the gap is a thin slice of supply.
Why keep buying through a $5.1 billion paper loss?
Bitmine has purchased Ether for 65 straight weeks, including through the downturn that began in the fourth quarter of last year and drove Ether and the broader market sharply lower.
DropsTab data cited by Cointelegraph puts unrealized losses on the Ether holdings at about $5.1 billion, reflecting sustained accumulation through the slide.
Chairman Tom Lee said Ether, Bitcoin, and Solana have been the three best-performing major assets since June 30, with ETH leading. “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.
Is corporate crypto buying heating up again?
Bitmine’s streak coincides with a broader rebound in digital assets. Separately, Strive added 1,800 Bitcoin for about $143 million last week, lifting holdings to 23,156 BTC and becoming the fifth-largest publicly traded corporate Bitcoin holder, Cointelegraph reported.
On the equity side, Bitmine’s NYSE-traded BMNR shares were up 1.3% Monday morning at $24.09, poised to finish the month nearly 40% higher, per Yahoo Finance data cited in the report. The company remains within striking distance of its 5% Ethereum ownership goal.