Bitmine continues its aggressive acquisition strategy unabated, adding another 53,501 ETH to its treasury. This extends its streak to 65 consecutive weeks, and the company now holds 4.9% of ethereum’s total supply. Despite currently facing a massive unrealized loss exceeding $5 billion, it continues to bet on the network’s long-term growth.
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Goal within reach: 5% of total network and 65 weeks without pause
The latest purchase pushed the company’s total holdings to 5,901,112 ETH, which at a price of around $2,392 per token represents a value of approximately $14.11 billion. The firm thus holds roughly 4.9% of the total supply of 120.7 million ETH and is just one step away from its long-term goal of controlling exactly 5% of the entire network. The accumulation streak has continued uninterrupted since June 30, 2025, with the company not missing a single weekly purchase regardless of market price movements.
Particularly remarkable is the determination with which Bitmine continues its accumulation. The company currently holds approximately $5.1 billion in unrealized or “paper” losses, which arose from the market price falling below the average purchase value of some of the tokens held. This clearly shows that the company’s management is not betting on short-term speculation, but believes in ethereum’s long-term appreciation.
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Tom Lee believes in institutional inflows, but risks remain high
In this context, company chairman Tom Lee points to the solid performance of major cryptocurrencies against other macroeconomic assets. According to him, ethereum, along with bitcoin and solana, ranked among the strongest major assets in recent months, with ethereum coming out best from this trio. Lee expects that this relative strength will attract another wave of institutional capital in the coming period, which will further increase its exposure to cryptocurrencies.
Bitmine’s example shows what a massive and extremely concentrated investment bet looks like. The giant unrealized loss serves as a cautionary example of how expensive aggressive buying during a market downturn can be. If ethereum returns to significant growth, Bitmine could benefit enormously from its strategy. Conversely, a potentially prolonged period of weak markets would turn such a dominant position into a fundamental risk for the company.
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