Bitmine Immersion Technologies has extended its Ether purchasing streak to 65 consecutive weeks after adding 53,501 ETH last week. The latest acquisition occurred amid a broader crypto market recovery that increased the value of the company's digital asset portfolio, even as it maintains sizable unrealized losses.
The newest purchase elevates Bitmine's total holdings to more than 5.9 million ETH. Based on an Ether price of $2,511 recorded on Sunday, the portfolio is valued at approximately $14.8 billion. The firm now controls 4.9% of Ethereum's 120.7 million circulating supply, bringing it close to its stated target of acquiring 5%.
Tom Lee, the chairman of Bitmine, noted that Ether, Bitcoin, and Solana have emerged as the three best-performing major assets since June 30, with Ether 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 stated.
Data from DropsTab indicates that Bitmine holds roughly $5.1 billion in unrealized losses on its Ether position. These paper losses are the result of continuous accumulation through a market downturn that started in the fourth quarter of the previous year.
On the stock market, Bitmine's NYSE-traded BMNR shares rose 1.3% on Monday morning to trade at $24.09, positioning the stock to close the month with a gain of nearly 40% according to Yahoo Finance data.
