Bitmine now controls 4.9% of Ethereum supply after adding 53.5K ETH

Bitmine Immersion Technologies has extended its Ether buying streak to 65 consecutive weeks, adding 53,501 ETH in the latest purchase. The acquisition brings the company's total holdings to over 5.9 million ETH, representing roughly 4.9% of Ethereum’s circulating supply.

Accumulation strategy amid market downturn

The firm has continued to accumulate Ether despite a prolonged market decline that began in the fourth quarter of the previous year. According to DropsTab data, the holdings now carry about $5.1 billion in unrealized losses, reflecting the lower price environment during the accumulation period.

Valuation and market impact

At an Ether price of $2,511, the 5.9 million ETH held by Bitmine is valued at approximately $14.8 billion. The company’s NYSE‑listed BMNR shares rose 1.3% to $24.09, positioning the stock for an almost 40% monthly gain according to Yahoo Finance data.

Outlook and institutional interest

Bitmine’s chairman, Tom Lee, noted that Ether, Bitcoin and Solana have been the top‑performing major assets since June 30, with Ether leading the gains. He suggested that the strong performance could encourage institutions to increase their crypto allocations in the third quarter.

Goal proximity

With the latest purchase, Bitmine is close to its stated objective of owning 5% of Ethereum’s circulating supply.