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BTC 
ETH BitMine Immersion Technologies has 5.81 million Ethereum holdings, with total crypto assets and cash holdings of US$11.4 billion.
BitMine Immersion Technologies announced on Monday that as of August 16, its Ethereum holdings reached 5,815,164, with total crypto assets and cash holdings of US$11.4 billion. According to the company's press release filed with the Securities and Exchange Commission on the same day, the number includes 210 bitcoins, a $180 million investment in Beast Industries, a $73 million investment in Eightco Holdings, and $78 million in cash and securities.
Close to 5% of Ethereum's total supply
This position accounts for approximately 4.8% of all Ethereum's total. BitMine said it has achieved 96% of its stated goal of owning 5% of Ethereum supply in 14 months since launching the strategy. Among the total positions, 5,067,309 ETH (worth US$9.6 billion) are pledged. The press release predicts that once all positions are pledged, a pledge reward of US$287 million will be received annually. Chairman Tom Lee's forecast quoted in the same press release was $250 million, a difference of $37 million between the two, which BitMine did not explain.
Actual buying cost of BitMine
The $11.4 billion figure is based on market value. According to BitMine's own filing documents, the actual cost of building this position is: In the quarterly 10-Q report ended May 31, the company disclosed that the cost base for holding 5,416,945 ETH units was US$19.05 billion, with an average bid price of approximately US$3517 per unit. Ethereum traded at $1893 on August 16, which is also the price quoted by BitMine in Monday's press release, which is about 46% lower than the average cost mentioned above.
BitMine has not publicly updated its average cost since May 31. In the next 11 weeks, the company increased its holdings of approximately 398,219 ETH units, but did not disclose the buying price. If these buy prices are below $3517 (which is highly likely given how Ethereum is trading thereafter), then the company's current true average costs will be lower than what the May data suggests. But until the new disclosure, it is unclear how low it will be.
Slowing pace of additions and an old cost controversy
In the week covered by Monday's press release, BitMine added 9,926 ETH units, compared with 7,391 ETH units the previous week, which Lee called the company's smallest weekly purchase volume this year. At the same time, BitMine shifted funds into its own shares. Since July, the company has repurchased approximately 19.1 million shares, including approximately 3 million shares worth US$50 million to US$58 million in the most recent week.
This is not the first time BitMine's claimed gap between costs and current prices has raised questions. Earlier this year, when BitMine's holdings were close to 3.6 million ETH units, it quoted an average bid price of approximately $2840 per unit. Blockchain analysis account Lookonchain estimates that its true cost is closer to US$3997 per piece, and BitMine has not publicly responded to this gap. The average cost of $3517, disclosed months later in a May 31 filing, fell right between these two contradictory estimates.
Next filing document will reveal true numbers
BitMine's next quarterly report will cover the period ending August. It will show whether Ethereum purchases since May 31 have lowered the company's average cost to close to current prices, or whether BitMine continues to buy at prices above $1893, pushing up the average cost further.
