Ethereum holdings reach nearly 5% for Bitmine amid $8.4B paper losses
The Ethereum treasury firm led by Tom Lee continues accumulating the world's second-largest cryptocurrency during market weakness, as its 5 million+ staked ETH position is expected to yield $287 million annually.
Bitmine Immersion Technologies, the Ethereum treasury firm founded by Tom Lee, continued its Ether acquisition strategy last week, moving the company closer to its strategic goal of controlling 5% of the total supply of the world's second-largest cryptocurrency even as market headwinds persist.
In a Monday announcement, the firm revealed it purchased 9,926 Ether (ETH) in the week that concluded on Aug. 16, pushing its aggregate holdings to approximately 5.82 million ETH, representing about 4.8% of Ethereum's total circulating supply. Using an ETH benchmark price of $1,893, the company's Ether position is worth approximately $11 billion. Nevertheless, a substantial portion of Bitmine's ETH was purchased at considerably higher price points.
The price of Ether remained relatively stable on Monday, hovering slightly over $1,900.
This most recent acquisition moves Bitmine closer to achieving its ambitious long-term objective known as the "Alchemy of 5%" target, which aims to accumulate 5% of Ethereum's complete supply.
The company's unwavering commitment has faced significant challenges from an extended bearish market cycle for Ether, which has dramatically diminished the valuation of its cryptocurrency treasury. According to market analytics, Bitmine is currently holding more than $8.4 billion in paper losses across its ETH position.
Despite these challenges, Bitmine has maintained its Ether accumulation strategy, executing purchases on a weekly basis since initiating its ETH treasury program in June 2025.
Bitmine's staked Ether approaches $10 billion in value
While Bitmine currently faces substantial unrealized losses across its Ether portfolio, the firm's staking infrastructure continues producing consistent returns. According to the company, it currently has more than 5 million ETH staked, which translates to approximately $9.6 billion at prevailing market prices.
This staking strategy has allowed Bitmine to collect protocol rewards by contributing to Ethereum network security, creating a steady income stream that remains independent of near-term ETH price fluctuations. Using a seven-day staking yield rate of 2.61%, Bitmine anticipates annualized staking rewards of approximately $287 million, as stated by Lee.