BitMine Immersion Technologies · Ethereum · Cointelegraph
Bitmine nears 5% of Ethereum supply despite $8.4 billion in unrealized losses
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Tom Lee’s Ethereum treasury company keeps buying the second-biggest crypto through the downturn, while more than 5 million staked ETH is projected to generate $287 million in annual rewards.
Key facts
- At an ETH reference price of $1,893, Bitmine’s Ether holdings were valued at roughly $11 billion
- The company disclosed Monday that it acquired 9,926 Ether (ETH) during the week ending Aug. 16, bringing its total holdings to roughly 5.82 million ETH, or about 4.8% of Ethereum’s circulating supply
- Tom Lee’s Ethereum treasury company keeps buying the second-biggest crypto through the downturn, while more than 5 million staked ETH is projected to generate $287 million in annual rewards
- With a portfolio value of more than $11 billion, BitMine’s unrealized losses are around 43%
Summary
Tom Lee’s Bitmine Immersion Technologies, an Ethereum treasury company, resumed its Ether purchases last week, bringing it closer to a key business target of owning 5% of the second-biggest cryptocurrency’s supply despite challenging market conditions. The company disclosed Monday that it acquired 9,926 Ether (ETH) during the week ending Aug. 16, bringing its total holdings to roughly 5.82 million ETH, or about 4.8% of Ethereum’s circulating supply. Ether’s price was little changed on Monday, sitting above $1,900. The latest purchase puts Bitmine within striking distance of its long-term “Alchemy of 5%” target of holding 5% of the total ETH supply.