Bitmine currently holds $12.4B worth of ETH while carrying $3.5B in unrealized losses. The firm is steadily progressing toward acquiring 5% of Ethereum's total supply, having already secured two-thirds of this ambitious target. This significant ETH accumulation signals strong conviction in Ethereum's long-term value despite near-term market headwinds. The scale of their position underscores the ongoing institutional interest in the world's largest smart contract platform, even as unrealized losses reflect the volatile nature of crypto market cycles.