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 done a prolonged crypto downturn and $5.1 cardinal successful insubstantial losses.

Bitmine Immersion Technologies extended its Ether buying streak to 65 consecutive weeks, adding 53,501 ETH past week arsenic a broader crypto marketplace betterment lifted the worth of its burgeoning integer plus portfolio contempt sizable unrealized losses.

The latest acquisition brought Bitmine’s holdings to much than 5.9 cardinal ETH, valued astatine astir $14.8 cardinal based connected an Ether terms of $2,511 arsenic of Sunday. The institution present owns 4.9% of Ethereum’s 120.7 cardinal circulating supply, putting it wrong striking region of its stated extremity of owning 5%.

Bitmine’s chairman, Tom Lee, said Ether, Bitcoin (BTC) and Solana (SOL) person been the 3 best-performing large assets since June 30, with ETH starring the gains.

“We judge this sets the signifier for institutions to adhd to their crypto holdings fixed the important outperformance of crypto versus different macro assets successful 3Q truthful far,” Lee said.

Following the latest purchase, Bitmine is sitting connected astir $5.1 cardinal successful unrealized losses connected its Ether holdings, according to DropsTab data. The insubstantial losses bespeak sustained accumulation done the downturn, which began successful the 4th fourth of past twelvemonth and sent Ether and the broader crypto marketplace sharply lower.

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

Related: Bitmine extends 14-month ETH buying gait arsenic Ether breaks supra $2.5K