BackBitmine Immersion Technologies Extends Ether Buying Streak to 65 Weeks

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Cointelegraph1 hour agoBusiness1 min read

Bitmine Immersion Technologies Extends Ether Buying Streak to 65 Weeks

Quick Look

Bitmine Immersion Technologies purchased 53,501 ETH last week, extending its Ether buying streak to 65 consecutive weeks.
Holdings now exceed 5.9 million ETH valued at $14.8 billion, representing 4.9% of Ethereum's circulating supply.
Despite $5.1 billion in unrealized losses, BMNR shares rose 1.3% on Monday.

AI-generated summary

Why It Matters

Bitmine has been accumulating Ether through a market downturn that began in Q4 of last year, resulting in significant unrealized losses on its holdings.

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Bitmine Immersion Technologies extended its Ether buying streak to 65 consecutive weeks, adding 53,501 ETH last week as a broader crypto market recovery lifted the value of its burgeoning digital asset portfolio despite sizable unrealized losses.

The latest purchase brought Bitmine’s holdings to more than 5.9 million ETH, valued at roughly $14.8 billion based on an Ether price of $2,511 as of Sunday. The company now owns 4.9% of Ethereum’s 120.7 million circulating supply, putting it within striking distance of its stated goal of owning 5%.

Bitmine’s chairman, Tom Lee, said Ether, Bitcoin (BTC) and Solana (SOL) have been the three best-performing major assets since June 30, with ETH leading the gains.

“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far,” Lee said.

Following the latest purchase, Bitmine is sitting on roughly $5.1 billion in unrealized losses on its Ether holdings, according to DropsTab data. The paper losses reflect sustained accumulation through the downturn, which began in the fourth quarter of last year and sent Ether and the broader crypto market sharply lower.

The company’s NYSE-traded BMNR shares were up 1.3% on Monday morning, at $24.09 apiece, poised to end the month with an almost-40% increase, according to Yahoo Finance data.

What to Watch

AI outlook — possibilities, not facts

Bitmine will reach its goal of owning 5% of Ethereum's circulating supply within the next few weeks
Likely · Within weeks

Open Questions

What is Bitmine's total investment cost for its Ether holdings?
When does Bitmine expect to reach its 5% ownership goal?
How will regulatory developments affect Bitmine's crypto accumulation strategy?

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Bitmine Immersion Technologies Extends Ether Buying Streak to 65 Weeks

Quick Look

Bitmine Immersion Technologies purchased 53,501 ETH last week, extending its Ether buying streak to 65 consecutive weeks.
Holdings now exceed 5.9 million ETH valued at $14.8 billion, representing 4.9% of Ethereum's circulating supply.
Despite $5.1 billion in unrealized losses, BMNR shares rose 1.3% on Monday.

AI-generated summary

Why It Matters

Bitmine has been accumulating Ether through a market downturn that began in Q4 of last year, resulting in significant unrealized losses on its holdings.

Font size

Bitmine’s chairman, Tom Lee, said Ether, Bitcoin (BTC) and Solana (SOL) have been the three best-performing major assets since June 30, with ETH leading the gains.

“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far,” Lee said.

The company’s NYSE-traded BMNR shares were up 1.3% on Monday morning, at $24.09 apiece, poised to end the month with an almost-40% increase, according to Yahoo Finance data.

What to Watch

AI outlook — possibilities, not facts

Bitmine will reach its goal of owning 5% of Ethereum's circulating supply within the next few weeks
Likely · Within weeks

Open Questions

What is Bitmine's total investment cost for its Ether holdings?
When does Bitmine expect to reach its 5% ownership goal?
How will regulatory developments affect Bitmine's crypto accumulation strategy?

Bitmine Immersion Technologies Extends Ether Buying Streak to 65 Weeks

Quick Look

Why It Matters

What to Watch

Open Questions

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Bitmine Immersion Technologies Extends Ether Buying Streak to 65 Weeks

Quick Look

Why It Matters

What to Watch

Open Questions

Related Topics

Related Stories

Bitcoin Holds Near $78,000 as US Bond Yields Hit 20-Year Highs

SEC and CFTC advance crypto regulation as offshore markets grow

Strive Adds 1,800 Bitcoin to Holdings, Becomes Fifth-Largest Corporate Holder

Leveraged Funds Hold Massive Net Short in CME Bitcoin Futures vs. Tiny Net Long on Coinbase

Webull Expands Canadian Crypto Offering via Coinbase Partnership

SEC and Senate Proposals Offer Different Crypto Fundraising Paths