Bitmine nears 5% of Ethereum supply despite $8.4B in unrealized losses
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitmine Immersion Technologies, led by Tom Lee, has resumed purchasing Ether, increasing its holdings to about 5.82 million ETH, roughly 4.8% of Ethereum’s circulating supply. Despite an unrealized loss of approximately $8.4 billion due to acquiring ETH at higher prices, the company continues aiming to reach a 5% ownership target. Bitmine also stakes over 5 million ETH, generating yield through protocol rewards.
Why it matters
This development highlights Bitmine’s long-term commitment to accumulating and staking Ethereum despite significant unrealized losses amid a bear market. Their staking operations provide a steady yield, which offsets some short-term price fluctuations and underscores the role of staking in generating income within the Ethereum ecosystem.
Key context
Bitmine launched its Ether treasury strategy in June 2025 and has consistently purchased ETH weekly since then. The company’s strategy includes accumulating Ether to reach its “Alchemy of 5%” goal and staking those assets to earn protocol rewards, which help secure the Ethereum network and provide predictable staking yield.
Key numbers and entities
Bitmine Immersion Technologies holds about 5.82 million ETH, equivalent to roughly 4.8% of Ethereum’s circulating supply. The ETH holdings are valued at approximately $11 billion at a reference price near $1,893. The company faces unrealized losses around $8.4 billion, about 43% of portfolio value. They stake more than 5 million ETH, worth roughly $9.6 billion, with an annualized staking yield projected around $287 million based on a 2.61% seven-day yield.
What remains unclear
The source does not flag open questions regarding Bitmine’s future acquisition plans, the timing for reaching the 5% ownership target, or potential impacts from broader market changes.