BitMine Immersion Technologies purchased 60,999 ETH (valued at approximately $140 million) in its latest acquisition, bringing total Ethereum holdings to 4,595,562 tokens representing $10.5 billion, or roughly 3.81% of Ethereum's total supply, according to a company announcement.
The entity maintains $1.2 billion in available cash reserves for potential future purchases and has committed 3,040,515 ETH ($6.6 billion) to staking protocols. The aggressive accumulation strategy underscores institutional conviction in Ethereum's long-term value proposition, though the position carries substantial unrealized losses.
BitMine's Ethereum portfolio currently shows an unrealized loss of $6.5 billion, reflecting the gap between acquisition costs and current market valuations. Despite paper losses, the company's sustained purchasing pattern—exemplified by this recent $140 million tranche—signals confidence that current Ethereum prices represent a favorable entry point for long-term holding and staking yield generation.