Crypto treasury firm BitMine adds 76,881 ETH in a week, nearing 5% of circulating supply despite unrealized losses.
BitMine increased its Ether holdings by 76,881 ETH last week, bringing its total to 5.62 million tokens valued at $10.2 billion. The purchase occurred as ETH briefly dipped below $1,600, lowering the firm’s average cost basis to $1,718 per token.
The company now controls 4.66% of Ether’s 120.68 million circulating supply, approaching its 5% target. Despite generating staking yield, BitMine faces nearly $9 billion in unrealized losses on its ETH portfolio, with the token trading at $1,843.69.
BitMine has staked over 4.1 million ETH, continuing its accumulation strategy through the bear market regardless of price fluctuations.