Bitmine has purchased an additional 28,086 ETH, bringing its total holdings to 5.93 million tokens worth approximately $14.8 billion and representing 4.9% of Ethereum's total supply The Block. The purchase marks a significant milestone for Tom Lee's crypto treasury firm, which has now completed 97% of its stated goal to accumulate 5% of Ether's circulating supply.
The latest acquisition, valued at roughly $69 million, continues Bitmine's aggressive accumulation strategy that has made it one of the largest institutional holders of Ethereum CoinDesk. At its current purchase pace, the firm could reach its full accumulation target within approximately seven weeks.
Despite the scale of its holdings, Bitmine faces substantial paper losses on its Ethereum position. The firm currently carries a $5.1 billion unrealized loss on its main treasury asset, reflecting the cryptocurrency's price performance since the accumulation program began Cointelegraph.
Technical analysis firm DeMark Analytics, led by Tom DeMark, anticipates that Ethereum's price uptrend will resume in the near term. This outlook aligns with Bitmine's continued buying activity, which has persisted despite market conditions that have pushed the firm's position underwater on a mark-to-market basis.
Bitmine's accumulation strategy stands as one of the most concentrated institutional bets on Ethereum to date. The firm's approach of targeting a fixed percentage of total supply rather than a dollar-denominated allocation represents a distinctive treasury management framework within the cryptocurrency sector.
The remaining 3% of Bitmine's accumulation goal would require approximately 177,000 additional ETH at current supply levels, a target that appears achievable given the firm's recent purchase volumes. Whether the firm maintains its pace or adjusts strategy following completion of its initial target remains to be seen.