Bitmine now controls 4.9% of Ethereum supply after adding 53.5K ETH
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitmine Immersion Technologies has increased its Ethereum holdings by 53,501 ETH last week, continuing a 65-week streak of Ether buying. This purchase raised Bitmine’s total to over 5.9 million ETH, equal to approximately 4.9% of Ethereum’s circulating supply. Bitmine’s chairman, Tom Lee, highlighted Ether’s strong performance relative to other major crypto assets since June 30.
Why it matters
According to Tom Lee, Ether’s outperformance compared to other macro assets in the third quarter could encourage institutions to increase their crypto holdings. The source implies this sustained buying trend signals growing institutional interest in Ethereum specifically. No further direct implications for markets or policy are provided.
Key context
Bitmine has consistently accumulated Ether since the market downturn began in late 2022, resulting in significant unrealized losses currently estimated at $5.1 billion. Despite paper losses, Bitmine persists with its goal of owning 5% of Ethereum’s total supply. The company’s stock has risen nearly 40% this month amid the broader crypto market recovery.
Key numbers and entities
Bitmine Immersion Technologies controls over 5.9 million ETH, comprising 4.9% of Ethereum’s 120.7 million circulating supply. The current valuation of the holdings is roughly $14.8 billion, based on an ETH price of $2,511. Bitmine’s NYSE ticker is BMNR, trading at $24.09 per share with a 1.3% gain recently. Chairman Tom Lee is a key figure quoted.
What remains unclear
The source does not specify Bitmine’s timeline for reaching its 5% ownership target or any potential impact of this accumulation on Ethereum’s market liquidity or price. It also does not detail how Bitmine’s strategy fits within broader institutional activity or regulatory considerations.