Bitmine Now Owns 4.9% of All Ethereum After 65 Weeks of Buying

A company called Bitmine just can't stop buying Ethereum. For 65 weeks in a row, it has purchased Ether (the second-biggest cryptocurrency after Bitcoin), and it now owns almost 5% of all the Ethereum that exists.

Last week, Bitmine added another 53,501 ETH to its stash. This pushed its total holdings past 5.9 million ETH, worth roughly $14.8 billion based on an Ether price of $2,511.

Here are the key numbers:

• 65 weeks of buying Ether in a row
• 5.9 million+ ETH owned in total
• 4.9% of all Ethereum in existence (out of 120.7 million coins)
• $14.8 billion — the current value of its holdings
• Company's goal: to own 5% of all Ethereum

But there's a catch. Bitmine is currently sitting on about $5.1 billion in "unrealized losses." This means the Ether it bought is worth less today than what the company paid for it. These are called "paper losses" because they only become real losses if the company actually sells — and Bitmine keeps buying instead.

The reason for these losses is a crypto downturn (a period when prices fall a lot) that started late last year and dragged Ether and most other cryptocurrencies down.

Still, the company's chairman, Tom Lee, remains optimistic. He said that since June 30, Ether, Bitcoin, and Solana have been the best-performing major assets, with Ether leading the way. He believes this could encourage big investors (like banks and funds) to buy more crypto.

Bitmine's own stock, traded on the New York Stock Exchange under the ticker BMNR, rose 1.3% on Monday to $24.09 and was on track for an almost 40% gain for the month.

The bottom line: Bitmine is making a huge bet that Ethereum will be worth much more in the future. For now, it's losing money on paper — but it keeps buying anyway.

This is an AI-generated summary. Read the original article at: https://cointelegraph.com/news/bitmine-ether-buying-streak-65-weeks-ethereum?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound