Bitmine now controls 4.9% of Ethereum supply after adding 53.5K ETH

Bitmine has bought Ether for 65 consecutive weeks, maintaining its accumulation strategy through a prolonged crypto downturn and $5.1 billion in paper losses.

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.

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