Bitmine Nears 5% of Ethereum Supply Despite $8.4B in Unrealized Losses

What happened: Bitmine Immersion Technologies (NASDAQ: BMNR) now holds 5,815,164 ETH—about 4.8% of Ethereum’s circulating supply—valued at roughly $11 billion. Despite this, the company is sitting on $8.4 billion in unrealized losses, as much of the ETH was acquired at higher prices. Over 5 million ETH are staked, projected to generate $287 million in annual rewards at current yields.

Why it matters: Bitmine’s aggressive accumulation, even through downturns, positions it as the largest corporate ETH holder and a significant force in Ethereum’s staking ecosystem. The company is close to its self-imposed “Alchemy of 5%” target, but the scale of unrealized losses raises questions about capital allocation and risk management. Recent buybacks suggest a pivot in capital strategy as ETH purchases slow.

Source: Cointelegraph