Ethereum tops $1,800 as BitMine boosts holdings to 5.62 million ETH

Key takeaways

• BitMine bought 76,881 ETH, raising its holdings to 5.62 million ETH.
• The company now controls about 4.66% of Ethereum’s circulating supply.
• ETH is attempting to hold above $1,800 while facing resistance near $1,900. 

BitMine adds nearly 77,000 ETH to its reserve

Ethereum treasury company BitMine Immersion Technologies significantly expanded its Ether holdings last week, purchasing 76,881 ETH during a period of weakness in the broader crypto market.

The acquisition increased the company’s total Ethereum holdings to 5.62 million ETH, valued at approximately $10.35 billion at current prices. 

According to BitMine, the position now represents about 4.66% of Ethereum’s circulating supply, moving the firm closer to its stated goal of controlling 5% of the available ETH supply.

Despite lowering its average acquisition cost through continued accumulation during the recent market downturn, BitMine still reports unrealized losses exceeding $9 billion on its Ethereum position.

In addition to ...