Bitmine bought an additional 53,501 ether last week, securing 4.9% of Ethereum's circulating supply.

Cointelegraph reported on Aug. 31 that the purchase lifted Bitmine's total ether holdings to more than 5.9 million.

After the purchase, Bitmine's ether holdings rose to about 5.9 million ether, worth about $14.8 billion. The estimate uses an Aug. 31 ether price of $2,511. The company's holdings equal 4.9% of Ethereum's circulating supply of 120.7 million, close to Bitmine's stated goal of holding 5%.

Bitmine has continued accumulating ether for 65 consecutive weeks. The company did not stop buying even during the market downturn that began in the fourth quarter of last year. As a result, the value of its digital asset portfolio has grown with the recent rebound in the crypto market, but unrealised losses based on its holdings remain large.

Based on DropsTab data, Bitmine's unrealised loss on its ether holdings was estimated at about $5.1 billion. The figure reflects the impact of continued accumulation during the downturn. Since the fourth quarter of last year, ether and the broader crypto market fell sharply, widening the gap between its purchase cost and current valuation.

Bitmine Chairman Tom Lee (톰 리) said ether, bitcoin and solana had delivered the strongest performance among major assets since June 30, with ether leading the gains. He said the trend shows crypto performance in the third quarter is far outpacing other macro assets and is creating conditions for additional buying by institutional investors.

In the market, Bitmine's aggressive ether accumulation appears to be partly reflected in its share price. BMNR shares, listed on the New York Stock Exchange, rose 1.3% intraday on the morning of Aug. 31 to $24.09. If the trend holds, the monthly gain would approach 40%.

It also reaffirmed that Bitmine's strategy is focused on increasing its holdings ratio rather than short-term profit and loss. The company maintained its buying stance despite large valuation losses, and the additional purchase has effectively put its goal of securing 5% of Ethereum's total circulating supply within sight. Whether the market rebound continues, and whether institutional demand follows, will be the next points to watch.