Bitmine Raises $19.2B, Accumulates 5.54M ETH as Asset Value Falls 52% Over One Year

ETH3.56%

According to 10x Research, Bitmine raised $19.2 billion through 50 ATM offerings between July 2025 and June 2026, accumulating 5.54 million ETH representing 4.6% of Ethereum's circulating supply.

The company's current holdings are valued at approximately $9.1 billion, down $10.1 billion from capital invested. The decline stems from two factors: ETH prices have fallen 52% below Bitmine's weighted average purchase cost, and investors paid an aggregate premium of $4.6 billion above net asset value when purchasing Bitmine shares.

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