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Bitmine moves closer to its 5% Ethereum target

Bitmine Immersion Technologies added another 53,501 ETH last week, extending its Ether accumulation streak to 65 consecutive weeks. With the latest purchase, the company’s total holdings rose to more than 5.9 million ETH, equal to 4.9% of Ethereum’s circulating supply.

That share brings the company close to its stated goal of owning 5%, based on Ethereum’s circulating supply of about 120.7 million coins. The recent rebound in the crypto market has also lifted the dollar value of Bitmine’s assets.

What the key numbers show

  • Total Ether holdings climbed to more than 5.9 million ETH.
  • The company’s share of Ethereum’s circulating supply reached 4.9%.
  • The portfolio’s estimated value was calculated at $14.8 billion, assuming an Ether price of $2,511.

Portfolio value rose, but paper losses remain

With Ether priced at $2,511 as of Sunday, the company’s assets were valued at $14.8 billion. Even so, pressure on the balance sheet has not fully disappeared.

According to DropsTab data, Bitmine’s Ether position still carries about $5.1 billion in unrealized losses. That reflects the company’s continued buying through the downturn that began in the fourth quarter of last year and triggered sharp declines in Ether and the wider crypto market.

What caused the losses?

Unrealized losses occur when the market value of assets held is below their purchase cost. In other words, despite the recent rebound, the long stretch of accumulation during the slump has kept the company’s average cost basis elevated.

Market impact also reached BMNR shares

Company Chairman Tom Lee said that since June 30, Ether, Bitcoin and Solana have delivered the strongest performance among major assets, with Ether standing out in the group. According to Lee, stronger performance from crypto assets than other macro assets in the third quarter could create room for institutional investors to increase their exposure.

BMNR shares, which trade on the New York Stock Exchange, rose 1.3% on Monday morning to $24.09. According to Yahoo Finance data, the stock is on track to end the month up nearly 40%.

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