Bitmine now controls 4.9% of Ethereum supply after adding 53.5K ETH
Bitmine has bought Ether for 65 consecutive weeks, maintaining its accumulation strategy through a prolonged crypto downturn and $5.1 billion in paper losses.
Bitmine, the blockchain-related company, has recently increased its Ethereum (ETH) holdings to a significant level. Over the past 65 weeks, Bitmine has consistently bought Ether, even during a prolonged crypto downturn and $5.1 billion in paper losses. The latest addition consisted of 53,501 ETH last week, bringing its total holdings to over 5.9 million ETH.
This brings Bitmine's share of Ethereum's circulating supply to 4.9%, placing it close to its stated goal of owning 5% of the total supply. Bitmine's chairman, Tom Lee, highlighted that Ether, Bitcoin (BTC), and Solana (SOL) have been the top three performers since June 30, with ETH leading the gains. The company is currently sitting on approximately $5.1 billion in unrealized losses due to its long-term accumulation strategy.
Despite these losses, Bitmine's BMNR shares experienced a 1.3% increase on Monday, closing the month with a projected 40% rise.
Written by urgent.news from Cointelegraph's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
