Bitmine Immersion Technologies extended its Ether buying streak to 65 straight weeks after purchasing another 53,501 ETH last week. The latest addition came as the broader crypto market recovered, lifting the value of the company’s growing digital asset portfolio even as large unrealized losses remain in place.
Holdings rise above 5.9 million ETH
After the latest purchase, Bitmine’s Ether holdings climbed to more than 5.9 million ETH. Based on an Ether price of $2,511 as of Sunday, the position was worth roughly $14.8 billion.
The company now controls 4.9% of Ethereum’s 120.7 million circulating supply. That leaves Bitmine close to its stated target of owning 5% of the supply.
Tom Lee points to crypto outperformance
Bitmine 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.
Unrealized losses still stand near $5.1 billion
According to DropsTab data, Bitmine is still sitting on roughly $5.1 billion in unrealized losses on its Ether holdings after the latest purchase.
Those paper losses reflect the company’s continued accumulation during a downturn that began in the fourth quarter of last year and pushed Ether and the broader crypto market sharply lower.
BMNR shares gain 1.3% on Monday morning
Yahoo Finance data showed Bitmine’s NYSE-listed BMNR shares were up 1.3% on Monday morning at $24.09 each. At that pace, the stock was set to end the month with an almost 40% increase.