BitMine Nears 5% of ETH Supply With $10B Holdings Despite Bear Market

BitMine continued buying Ether through the market downturn, growing its stake to nearly 5% of the circulating supply while generating staking yield amid mounting ecosystem challenges. BitMine Immersion Technologies continued to expand its Ether holdings last week, acquiring more of the second-biggest digital asset despite a prolonged market downturn as its large staking operation continues to generate yield. On Monday, the crypto treasury company reported that it acquired 76,881 Ether (ETH) over the past week, potentially reducing its average cost basis as ETH [briefly plunged below $1,600](https://cointelegraph.com/markets/ether-risks-revisit-of-1000-if-this-support-level-breaks-amid-leverage-reset-data) during the period. The company has been [steadily acquiring Ether](https://cointelegraph.com/news/bitmine-buys-more-eth-as-tom-lee-says-price-not-yet-showing-ethereums-strength) during the bear market, regardless of price action. BitMine now holds 5,620,754 ETH acquired at an average price of $1,718. Source:_[_DropsTab_](https://dropstab.com/p/bitmine-ethereum-treasury-lipdgyz9ho) At current prices, the company’s ETH portfolio is worth roughly $10.2 billion, though it is sitting on an unrealized loss of nearly $9 billion, according to DropsTab data. At last look on Monday, Ether was trading at $1,843.69, according to CoinMarketCap [data](https://coinmarketcap.com/currencies/ethereum/). Bitmine's latest purchases brings the company closer to its stated goal of owning 5% of Ether’s total circulating supply of 120.68 million tokens. The company currently controls approximately 4.66% of all ETH. At the same time, BitMine has staked more than 4.1 million ETH, worth roughly $8.1 billion at current prices.