Bitmine Controls 4.9% of Ethereum Supply After 65 Weeks of Buying
Bitmine Extends Ether Buying Streak to 65 Weeks
Bitmine Immersion Technologies has added Ether to its holdings for 65 consecutive weeks. Last week, the company purchased 53,501 ETH.
This latest acquisition brings Bitmine's total Ether to over 5.9 million ETH. Based on a price of $2,511 per ETH as of Sunday, this is valued at roughly $14.8 billion.
Key Holdings and Ownership Percentage
- Added 53,501 ETH last week
- Total holdings: 5.9 million ETH
- Controls 4.9% of Ethereum's 120.7 million circulating supply
- Near its stated goal of owning 5%
- Unrealized losses on Ether holdings: approximately $5.1 billion
What the Company Chairman Says About Performance
Tom Lee, Bitmine's chairman, stated that Ether, Bitcoin (BTC), and Solana (SOL) have been the three best-performing major assets since June 30, with Ether leading gains.
Lee commented, "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."
Unrealized Losses and Share Price Movement
According to DropsTab data cited in the report, Bitmine is holding about $5.1 billion in unrealized losses on its Ether. These paper losses come from buying during a market downturn that started in the fourth quarter of last year.
On Monday morning, Bitmine's NYSE-traded BMNR shares were up 1.3% at $24.09. Yahoo Finance data indicates the shares may end the month with an almost-40% increase.
Confirmed Facts from the Report
The article confirms that Bitmine has bought Ether for 65 straight weeks. It owns 5.9 million ETH, representing 4.9% of Ethereum's supply. The company has unrealized losses of $5.1 billion, and its shares rose 1.3% on Monday.
Why This Matters for Ethereum and Institutions
Bitmine is close to reaching its 5% ownership goal for Ethereum. Its sustained buying during a downturn shows a long-term commitment. Tom Lee's remarks suggest that strong crypto performance could encourage more institutional investment.
