Bitmine Buys 112K ETH, Holdings Hit 5.39M Nearing 5% Supply Target

Bitmine Immersion Technologies executed its largest weekly purchase of the period, adding 111,942 ETH to reach 5.39 million ETH, or 4.46% of supply. The accumulation follows earlier buys of 71,672 ETH and a $125.9 million tranche, with 89% of reserves now staked as the firm targets 5% by year-end. Despite $7.35 billion in unrealized losses from an average cost near $3,513 while ETH trades below $2,100, institutional buying contrasts with Harvard’s full exit and sustained ETF outflows exceeding $86 million.