SKN | Bitmine Controls 4.9% of Ethereum Supply After Adding 53,501 ETH

Bitmine Immersion Technologies has extended its Ethereum accumulation strategy for a 65th consecutive week, purchasing an additional 53,501 ETH despite carrying approximately $5.1 billion in unrealized losses on its holdings.

The latest acquisition underscores the company’s continued commitment to building a large Ether treasury through an extended cryptocurrency downturn. The purchase also comes as the broader crypto market shows signs of recovery, increasing the value of Bitmine’s growing digital asset portfolio.

Ethereum Holdings Approach 5% of Supply

Following the latest purchase, Bitmine’s Ethereum holdings have climbed above 5.9 million ETH. Based on an Ether price of approximately $2,511 as of Sunday, the company’s holdings were valued at roughly $14.8 billion.

Bitmine now controls approximately 4.9% of Ethereum’s 120.7 million circulating supply. That puts the company within close reach of its stated objective of owning 5% of the cryptocurrency’s total circulating supply.

The latest acquisition therefore represents more than another weekly addition to Bitmine’s treasury. It moves the company closer to a milestone that would give it a significant position relative to the overall Ethereum market.

Tom Lee Highlights Ether’s Recent Outperformance

Bitmine Chairman Tom Lee pointed to Ethereum, Bitcoin and Solana as the three best-performing major crypto assets since June 30, with Ether leading the gains.

Lee said the performance could encourage institutional investors to increase their cryptocurrency exposure, arguing that the strong relative performance of major digital assets versus other macro assets during the third quarter could create an environment for additional institutional buying.

The comments reflect Bitmine’s broader thesis that sustained accumulation of Ether could benefit the company if cryptocurrency markets continue to recover.

Large Unrealized Losses Remain

Despite the increasing value of its Ethereum holdings, Bitmine remains exposed to substantial paper losses resulting from its aggressive accumulation strategy.

According to the provided DropsTab data, the company is carrying approximately $5.1 billion in unrealized losses on its Ether holdings. The losses reflect purchases made throughout a prolonged market downturn that began during the fourth quarter of last year and pushed Ether and the broader cryptocurrency market significantly lower.

The scale of those unrealized losses highlights the risks associated with maintaining a concentrated digital asset treasury, particularly when purchases continue during periods of elevated market volatility.

BMNR Shares Continue to Gain

Bitmine’s NYSE-traded BMNR shares were up approximately 1.3% on Monday morning at $24.09 per share, according to the provided market data. The stock was on track to finish the month with an almost 40% gain based on Yahoo Finance data.

The sharp monthly advance suggests investors have responded positively to the company’s aggressive Ethereum accumulation strategy and the recent recovery across major cryptocurrency markets.

With Bitmine now controlling 4.9% of Ethereum’s circulating supply, its next milestone will be reaching the 5% ownership target. The company’s continued weekly purchases, the performance of Ether and the evolution of its substantial unrealized losses are likely to remain central factors for investors evaluating BMNR’s cryptocurrency treasury strategy.