BitMine Needs 77,442 ETH to Reach 5% of Supply, May Stop Buying Within a Month
Summary
- On-chain analyst EmberCN said BitMine now needs just 77,442 ETH to reach its target of 5% of total Ethereum (ETH) supply.
- EmberCN said BitMine recently bought additional ETH at about $2,601 per token and is sitting on an unrealized loss of 23.8% against its average purchase price of $3,334.
- EmberCN said Bitcoin treasury company Strategy is posting an unrealized gain of 10.2% versus its average purchase price of $75,444.
Forecast Trend Report by Period
BitMine, an Ethereum treasury company, is nearing its target of acquiring 5% of the total ETH supply and could halt additional purchases within a month, according to an analysis.
On-chain analyst EmberCN wrote on X on October 12 that BitMine bought another 12,532 ETH last week for about $32.6 million. That leaves the company 77,442 ETH short of its goal of holding 5% of Ethereum’s total supply.
EmberCN also referenced recent remarks by BitMine Chairman Tom Lee at Token2049 in Singapore that the company would stop buying more Ethereum once its holdings reach 5% of total supply. At its current pace of purchases, BitMine could reach that threshold in about a month.
BitMine bought ETH last week at about $2,601 per token. It now holds 6,028,946 ETH valued at about $15.319 billion. Its average purchase price is $3,334, implying an estimated unrealized loss of about $4.781 billion, or 23.8%, based on current prices.
Meanwhile, Bitcoin treasury company Strategy bought another 250 BTC last week for about $21.55 million. The average purchase price was $86,194.
Strategy now holds 848,250 BTC with an average purchase price of $75,444. EmberCN estimated the position’s current value at about $70.532 billion, with unrealized gains of about $6.536 billion, or 10.2%.
