BitMine Nears 5% of Ether Supply With $10B Holdings

BitMine Immersion Technologies expanded its Ether holdings last week, acquiring 76,881 ETH as prices briefly dipped below $1,600. The company now holds 5,620,754 ETH at an average price of $1,718; the portfolio is valued at roughly $10.2 billion and sits on an unrealized loss near $9 billion, with Ether trading at $1,843.69.

The purchases bring BitMine closer to its stated goal of owning 5% of Ether’s circulating supply of 120.68 million tokens; it currently controls approximately 4.66%. More than 4.1 million of the company’s ETH are staked, worth roughly $8.1 billion at current prices.

Staking earns protocol rewards, providing a recurring source of yield even during periods of price weakness. The crypto treasury model has come under pressure as digital asset prices retreated. Spot Ether ETFs recorded four consecutive days of net outflows last week, with selling pressure since early May and daily net outflows exceeding $60 million on several occasions.

bitmine, ether, ethereum, eth holdings, staked eth, staking rewards, ether etfs, net outflows, circulating supply, unrealized loss