BitMine Builds Ethereum Holdings to $10.2B
BitMine bought 76,881 ETH last week, raising holdings to 5,620,754 ETH worth about $10.2 billion. Purchases average $1,718, leaving an unrealized loss near $9 billion.
BitMine Immersion Technologies acquired 76,881 ETH last week, raising its total holdings to 5,620,754 ETH, the company reported Monday. The tokens were purchased at an average price of $1,718; at current market prices the holdings are valued at roughly $10.2 billion and show an unrealized loss of about $9 billion.
Ether briefly traded below $1,600 during the week, affecting the price paid on recent purchases. At the time of the report Ether was trading around $1,844, which places BitMine’s portfolio value near $10.2 billion based on current prices.
BitMine has staked more than 4.1 million ETH, which at current prices is worth about $8.1 billion. Staking earns protocol rewards for validating blocks on the Ethereum network and provides a recurring source of yield that is separate from spot price movements.
The company has a stated goal of owning 5% of Ether’s circulating supply, which is about 120.68 million tokens. BitMine’s current position represents roughly 4.66% of that circulating supply.
U.S. spot Ether exchange-traded funds recorded consecutive days of net outflows last week. Several days since early May have seen daily net outflows exceed $60 million. The largest U.S.-traded Ether ETF, BlackRock’s iShares Ethereum Trust, holds net assets near $4.75 billion and controls about 2.36% of circulating supply.
On-chain activity has migrated toward layer-2 networks for faster and cheaper transactions. That shift reduces transaction-fee revenue captured by the Ethereum mainnet and lowers the amount of Ether burned through fees, affecting the protocol’s fee-driven deflationary mechanism.
At least nine senior leaders, researchers and core contributors have left the Ethereum Foundation so far this year amid an organizational overhaul, prompting public debate about the foundation’s governance and strategic role.
BitMine’s accumulation of Ether combined with its large staking position places it among the largest custodial holders of ETH. The company’s aggregated purchases during the market downturn have produced substantial unrealized losses on its portfolio.
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