Bitmine nears 5% of Ethereum supply despite $8.4B in unrealized losses

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. At an ETH reference price of $1,893, Bitmine’s Ether holdings were valued at roughly $11 billion. However, much of the company’s ETH was acquired at significantly higher prices.Ether’s price was little changed on Monday, sitting just 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.Bitmine’s conviction has been tested by a prolonged bear market for Ether, which has sharply eroded the value of its digital asset treasury. The company is sitting on more than $8.4 billion in unrealized losses on its ETH holdings, according to industry data. With a portfolio value of more than $11 billion, BitMine’s unrealized losses are around 43%. Source: Dr...