The Ethereum treasury company increased its holdings to 5.9 million ETH after another week of accumulation, bringing it within reach of its goal to own 5% of the network’s total supply despite billions of dollars in unrealized losses.

BitMine Immersion Technologies has expanded its Ethereum treasury again, purchasing 53,501 Ether during the latest week and bringing its total holdings to more than 5.9 million ETH.

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As of Aug. 30, the NYSE-listed company held 5,901,112 ETH, valued at roughly $14.8 billion using a reference price of $2,511 per token. That represents about 4.9% of Ethereum’s reported 120.7 million token supply, putting BitMine close to its stated goal of accumulating 5%.

The company has maintained its Ether accumulation strategy for 65 consecutive weeks, continuing to add to its position despite the prolonged downturn that has weighed heavily on the value of its holdings.

BitMine said its combined cryptocurrency holdings, cash, marketable securities and strategic investments were worth approximately $15.6 billion as of Aug. 30.

BitMine closes in on 5% target

The latest purchase leaves BitMine roughly 98% of the way toward what it calls its “Alchemy of 5%” strategy — a goal of holding 5% of Ethereum’s total supply.

In addition to its 5.9 million ETH, the company reported holding 211 Bitcoin, a $180 million stake in Beast Industries, an $81 million investment in Eightco Holdings and approximately $541 million in cash and marketable securities.

A large portion of BitMine’s Ether is also being put to work through staking.

The company said 5,067,309 ETH, or about 86% of its total Ether holdings, had been staked through its MAVAN platform and third-party staking providers as of Aug. 30.

At the company’s reported seven-day annualized staking yield of 2.63%, BitMine estimated that its staking activity could generate approximately $335 million in annualized revenue.

Tom Lee points to crypto’s third-quarter performance

BitMine Chairman Tom Lee said Ether has been the strongest-performing major macro asset during the third quarter so far.

“As we enter the final month of 3Q26, ETH is the best performing macro asset, outperforming the S&P 500 by 5,430bp through last Friday,” Lee said.

He added that Ether, Bitcoin and Solana had been the three best-performing major assets since June 30.

“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far,” Lee said.

The comments reflect BitMine’s continuing conviction in Ethereum despite significant volatility in the broader digital asset market.

Unrealized losses remain substantial

BitMine’s aggressive accumulation strategy has also left the company exposed to sizable paper losses.

Based on DropsTab data cited in market reports, BitMine was sitting on roughly $5.1 billion in unrealized losses on its Ether holdings following the latest purchase.

Those losses are unrealized, meaning they reflect the difference between the estimated acquisition cost of the company’s ETH and its current market value rather than cash losses generated through sales.

The position illustrates the scale of BitMine’s exposure to Ether price movements. While a sustained recovery in ETH would increase the value of its treasury, further declines would place additional pressure on the company’s balance sheet.

BitMine shares traded higher on Aug. 31 following the treasury update. BMNR was quoted around $24.09 during Monday trading, up roughly 1.3% at the time, while the stock was on track to finish August with a gain of nearly 40%.

With its Ethereum ownership now at 4.9% of supply, BitMine’s next purchases could take the company to its long-standing 5% target, further concentrating its strategy around the world’s second-largest cryptocurrency.