Bitmine Adds 53,501 ETH, Nears 5% of Ethereum Supply
Bitmine Immersion Technologies purchased another 53,501 ETH last week, extending its Ether buying streak to 65 consecutive weeks.
The acquisition lifted Bitmine’s holdings to more than 5.9 million ETH, worth about $14.8 billion at an Ether price of $2,511. The company now controls roughly 4.9% of Ethereum’s 120.7 million circulating supply, approaching its target of owning 5%.
Chairman Tom Lee said ETH, Bitcoin and Solana have been the best-performing major assets since June 30, potentially encouraging institutions to increase crypto exposure.
Despite the rally, Bitmine is still sitting on approximately $5.1 billion in unrealized losses on its Ether position. Meanwhile, NYSE-listed BMNR rose 1.3% to $24.09, putting the stock on track for an almost 40% monthly gain. $ETH
Bitmine Immersion Technologies purchased another 53,501 ETH last week, extending its Ether buying streak to 65 consecutive weeks.
The acquisition lifted Bitmine’s holdings to more than 5.9 million ETH, worth about $14.8 billion at an Ether price of $2,511. The company now controls roughly 4.9% of Ethereum’s 120.7 million circulating supply, approaching its target of owning 5%.
Chairman Tom Lee said ETH, Bitcoin and Solana have been the best-performing major assets since June 30, potentially encouraging institutions to increase crypto exposure.
Despite the rally, Bitmine is still sitting on approximately $5.1 billion in unrealized losses on its Ether position. Meanwhile, NYSE-listed BMNR rose 1.3% to $24.09, putting the stock on track for an almost 40% monthly gain. $ETH