Tom Lee’s Bitmine Immersion Technologies continued its accumulation of Ether last week, adding to its holdings as the cryptocurrency staged a sharp breakout following a prolonged downturn.

The company disclosed Monday that it purchased 32,447 Ether (ETH) last week, bringing its total holdings to 5,847,611 ETH, or roughly 4.8% of Ethereum’s circulating supply. Bitmine has acquired ETH every week since launching its Ethereum treasury strategy on June 30, 2025, extending its buying streak to roughly 14 months.

The company’s NYSE-traded shares were up about 8.7% to open the week, poised to extend their almost 28% gains over the past six months.

Bitmine is now 97% of the way toward its stated goal of owning 5% of the ETH supply. It has also staked 5.07 million ETH, representing about 87% of its holdings, and reported combined crypto, cash, securities and other investments of $14.9 billion.

The latest purchase coincided with a sharp rally across Ether and the broader cryptocurrency market. ETH has outperformed Bitcoin since last Wednesday, when the US Treasury announced plans to double its monthly purchases of certain longer-dated US Treasurys to $4 billion from $2 billion beginning next month.

Ether has gained more than 32% since the announcement, breaking above $2,500 for the first time since January, according to CoinMarketCap data.

Related: Crypto Biz: Treasury’s ‘Not-QE’ playbook sends Bitcoin higher

Ether price rebound cuts Bitmine’s paper losses

Bitmine’s aggressive Ether purchases during the market downturn left the company sitting on steep unrealized losses as ETH prices continued to fall. However, the cryptocurrency’s recent recovery has significantly narrowed that shortfall.

Bitmine has invested more than $19.5 billion in its Ether treasury, with its paper losses falling to below $5 billion from more than $8.4 billion roughly a week ago, according to DropsTab data.

Bitmine’s unrealized losses on its ETH holdings have narrowed amid the market recovery. Source: DropsTab

The sharp swings highlight the challenges of managing digital asset treasuries, whose valuations can fluctuate significantly with changing market conditions.

Related: Ethereum Foundation warns some tools may break with Glamsterdam upgrade

Bitmine Immersion Technologies, an NYSE-listed company run by Tom Lee, disclosed that it continued building its Ether treasury last week—adding 32,447 ETH as the token rebounded sharply after an extended decline. The purchase lifts Bitmine’s total Ether holdings to 5,847,611 ETH, according to the company’s Monday update.

The latest buying pace keeps Bitmine on a nearly continuous accumulation schedule tied to its stated Ethereum treasury strategy, launched on June 30, 2025. With the firm now staking most of its position, the disclosure also offers a snapshot of how large spot treasuries can swing in value when the market turns.

Key takeaways

• Bitmine bought 32,447 ETH last week, bringing total holdings to 5,847,611 ETH—about 4.8% of Ethereum’s circulating supply.
• The company says it has acquired ETH every week since June 30, 2025, extending its buying streak to roughly 14 months.
• Bitmine is about 97% of the way toward its goal of owning 5% of the ETH supply.
• Of its Ether holdings, 5.07 million ETH is staked—around 87% of what Bitmine owns.
• Earlier losses tied to ETH’s drawdown have narrowed, with DropsTab data showing unrealized paper losses falling below $5 billion from more than $8.4 billion about a week earlier.

Bitmine keeps stacking Ether as the rebound gathers pace

Bitmine’s Monday disclosure confirms that last week’s ETH purchase was not isolated—it continued a weekly accumulation pattern that began when the company launched its Ethereum treasury strategy on June 30, 2025. With Ether prices stabilizing and then rallying, the firm’s latest tranche arrives at a time when its portfolio valuation is improving relative to the prior downturn.

According to the report, Bitmine now holds 5,847,611 ETH, which equates to roughly 4.8% of Ethereum’s circulating supply. The company also reiterated that it is nearing its target: it is reported to be 97% toward owning 5% of the ETH supply.

Bitmine’s NYSE-traded shares opened the week up about 8.7%, following a stretch that has already put gains at nearly 28% over the past six months. While share moves are not solely determined by crypto prices, the timing underscores how investors can respond to disclosures about on-chain treasury activity during volatile market phases.

How staking and treasury size shape the risk profile

The company’s Ether position is not only large—it is also largely staked. Bitmine reported staking 5.07 million ETH, representing about 87% of its holdings. Staking doesn’t eliminate price risk, but it changes how a treasury can pursue yield while remaining exposed to Ethereum’s market value.

Bitmine also provided a broader balance sheet snapshot, reporting combined crypto, cash, securities, and other investments of $14.9 billion. For readers tracking treasury strategies, this matters because valuation gaps in crypto holdings can be cushioned or amplified by how much capital the company holds outside of digital assets and by whether those assets are liquid versus locked or staked.

In practice, a treasury that keeps buying through downturns can end up with substantial unrealized losses during bearish periods. When markets rebound—especially sharply—those losses can narrow quickly, improving net asset value on paper even if the underlying strategy and risk exposures have not changed.

Why Ether’s rally mattered to Bitmine’s paper losses

Bitmine’s accumulation during the downturn left it facing steep unrealized losses when ETH prices fell. The recent recovery, however, has materially reduced that gap. DropsTab data cited in the disclosure indicates Bitmine has invested more than $19.5 billion in its Ether treasury, while unrealized losses have come down to below $5 billion from more than $8.4 billion roughly a week earlier.

The reported swing highlights a key operational challenge for crypto treasuries: digital asset valuations can change rapidly, sometimes in both directions, forcing investors to think in terms of marked-to-market exposure rather than only realized gains or losses. For companies building long-term crypto reserves, that volatility becomes part of the investment story—even when the buying cadence remains steady.

Bitmine’s latest purchase also aligns with a broader market move. Ether outperformed Bitcoin starting last Wednesday, when the US Treasury announced plans to double its monthly purchases of certain longer-dated US Treasurys to $4 billion from $2 billion beginning next month, as reported by Cointelegraph’s markets coverage.

CoinMarketCap data referenced in the disclosure shows Ether gained more than 32% since that announcement, breaking above $2,500 for the first time since January. For a treasury operator like Bitmine, that type of price action can quickly shift the narrative from “drawdown management” to “valuation recovery,” even if the company continues to execute the same acquisition strategy.

Treasury accumulation in context: what investors should watch next

Bitmine is approaching its 5% ETH supply target while maintaining a heavy staking allocation. That combination—sustained spot accumulation plus high staking participation—can influence how markets interpret the company’s longer-term commitment to Ethereum.

Still, several questions remain important for investors monitoring this strategy. How consistently Bitmine will be able to purchase ETH week after week if market volatility returns is one. Another is how much of its Ether is held in a form that can be deployed versus locked in staking. Finally, broader macro developments—such as how US Treasury policy and liquidity conditions continue to affect risk assets—could determine whether the current ETH rebound sustains or fades.

For now, the immediate watch item is whether Bitmine’s ongoing weekly purchases continue at the same pace as its unrealized loss position improves, and whether Ethereum’s momentum holds beyond the post-announcement rally.

WBT trades around $72.70 after hitting a new high, as its four-year milestone coincides with broader developments in blockchain infrastructure and digital assets.

WBT is trading around $72.7 after reaching a new all-time high, extending its gains beyond the previous $64.11 record set in December 2025. The move comes as the four-year-old token reaches another stage in its development, while the wider crypto industry continues shifting toward more established infrastructure and institutional participation.

Utility is becoming more important for exchange tokens

The role of an exchange token has changed considerably from the early days of crypto.

WhiteBIT offers users trading-related benefits, including reduced fees, while holdings can also affect referral rewards and eligibility for certain Launchpad activities. Staking and reward programs provide additional ways for users to interact with the asset.

The token also has a blockchain function. WBT is used as the native gas asset on Whitechain, connecting it directly to transactions taking place outside the exchange environment.

That broader utility is relevant as crypto platforms increasingly serve users who expect more than a place to buy and sell assets. Trading, blockchain infrastructure, token launches and rewards are increasingly being combined within connected ecosystems.

WBT is one example of that model.

Whitechain is taking a different route to scalability

The infrastructure side of the story is developing at the same time.

Whitechain is transitioning from its original standalone Layer 1 into an Ethereum Layer 2 built with the OP Stack. The network’s Sepolia testnet is already operational, while mainnet development is targeting later in 2026.

The move places Whitechain within a much larger ecosystem. Ethereum Layer 2 networks have become an established way to handle blockchain activity while settling transactions back to Ethereum.

Whitechain’s architecture remains EVM-compatible, which means developers can continue using familiar Ethereum development tools. WBT remains the native gas token after the transition.

The development is particularly relevant to WBT because it gives the token a role in network activity that does not depend solely on exchange trading.

A new phase for token supply

WBT has appreciated 28.3% over the past 12 months and was among the global top 10 cryptocurrencies by market capitalization in figures released around its fourth anniversary.

The price move is noteworthy, but it is taking place alongside several structural changes that are affecting how exchange-linked digital assets are used.

WBT’s tokenomics have also reached a transition point.

The token’s full supply has been unlocked as of 2026. Meanwhile, its burn mechanism remains active. WhiteBIT says the buyback program uses an amount corresponding to 33% of trading-fee income and 5% of income from other exchange activities, with the stated aim of reducing total supply toward 200 million WBT.

This is different from the supply dynamics during WBT’s earlier years, when scheduled unlocks were still taking place.

The combination of completed unlocks and continuing burns gives traders another variable to consider when looking at the token’s longer-term supply profile.

It also means the recent all-time high is arriving after a significant change in the mechanics governing how much WBT is circulating.

More markets are opening up

The token’s wider market presence has changed alongside its utility. WBT was listed on Kraken in March 2026 with WBT/USD and WBT/EUR markets, giving the asset additional access outside its original exchange environment.

That matters for liquidity and visibility, particularly for an exchange-linked token whose early use was closely associated with a single platform.

WBT’s fourth anniversary provides another reference point. Four years after launch, the token is trading above its previous record, has gained 28.3% over the last year and has developed uses spanning exchange services and blockchain infrastructure.

The new high does not establish where the token goes next. What it does show is that WBT is entering a different stage of its lifecycle, one in which market performance is being watched alongside token utility, supply changes and the development of the network that uses it.

Przemysław Kral, the head of the collapsed cryptocurrency exchange Zondacrypto, has reportedly been charged with participating in an alleged large-scale fraud and has begun cooperating with Polish prosecutors.

Kral is seeking a reduced sentence in exchange for testimony that could include details about Zondacrypto’s funding of right-wing politicians, Polish outlet Onet reported Monday.

According to Onet, prosecutors estimate Zondacrypto customers lost at least 2.4 billion Polish zlotys ($650 million). Investigators said the exchange used only part of customer funds to buy crypto, while the rest was transferred to private accounts controlled by Zondacrypto managers.

Onet reported Friday that Kral had been negotiating the terms of possible cooperation with prosecutors for six months. He reportedly held informal meetings with prosecutors in Poland, Sicily and Persian Gulf countries to discuss a potential deal.

Kral has remained silent on X since publicly disclosing in mid-April that Zondacrypto could not access a cold wallet holding about 4,500 Bitcoin. He has denied accusations of misappropriating funds and said the wallet’s private keys were supposed to have been transferred by Zonda founder and former CEO Sylwester Suszek, who has been missing since 2022.

Zondacrypto was the main sponsor of the Conservative Political Action Conference (CPAC) held in Poland days before the second round of the presidential election won by Karol Nawrocki. The exchange spent 37 million zlotys on advertising with broadcaster Telewizja Republika in its final year, while companies owned by Kral made payments to foundations linked to politicians Zbigniew Ziobro and Przemysław Wipler.

Cointelegraph was unable to reach Kral or Zondacrypto for comment. Their email addresses have been unavailable since Kral’s April disclosure that the exchange could not access the Bitcoin wallet.

Related: Zondacrypto CEO goes off radar as Poland probe deepens

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Stablecoins can cross borders within seconds, but converting them into spendable local currency remains a slower and more fragmented process, Gravity Team CEO Mārtiņš Beņķītis told crypto.news as the firm launched its institutional OTC desk.

Stablecoin payments depend on two types of liquidity

Mārtiņš Beņķītis, co-founder and CEO of emerging-markets liquidity provider Gravity Team, told crypto.news that stablecoin infrastructure has become a liquidity issue because the same tokens perform different jobs across trading and payments.

Market makers hold stablecoins to quote buy and sell prices, move inventory between exchanges, and respond to changes in trading activity. Payment companies, by contrast, use stablecoins to fund a conversion before releasing local currency to the recipient.

Trading inventory must remain available across multiple venues, while a payment balance can be used again after settlement. However, the payment company still needs enough local currency to complete the other side of the transfer when the stablecoin arrives.

“Stablecoin payment infrastructure is a liquidity story because stablecoin balances serve very different jobs,” Beņķītis said.

“A market maker uses them to quote on both sides of order books and manage inventory risk across dozens of connected exchanges. A payment business uses them to fund a conversion and release local currency to the recipient.”

Gravity Team’s corridor analysis found that correspondent banking can leave the equivalent of 20% to 40% of monthly transaction flow in pre-funded accounts. The company said stablecoins may reduce this idle capital, but only when an operator maintains funded local-currency books and enough inventory to quote the conversion.

The conversion point remains a bottleneck

A stablecoin payment contains at least two distinct stages. The first moves the token on-chain, while the second converts it into the currency that a recipient can spend through a local bank account or payment service.

Beņķītis said the second stage has become the newest area of competition for payment providers. Every currency market has different levels of liquidity, bank operating hours, compliance controls, transaction limits, and counterparties.

Gravity Team currently supports settlement involving the Philippine peso, Indonesian rupiah, Mexican peso, Brazilian real, euro, British pound, and U.S. dollar. The company plans to add the Vietnamese dong.

Its internal data found that between 3% and 7% of traditional inbound wires in the Southeast Asian and Latin American corridors it serves are delayed or returned on their first attempt. Stablecoin transfers in those markets reportedly clear on-chain more than 99.9% of the time once broadcast.

Beņķītis cautioned that the on-chain success rate does not cover the entire payment.

“Local conversion and payout still have to complete after the token arrives,” he said.

Operators using direct banking relationships can control funding, payment cut-off times, and failed transactions more closely. Partner-based models can reach additional countries but depend on another company’s liquidity, availability, transaction limits, and handling of unsuccessful payouts.

The commercial test, according to Beņķītis, is therefore not how quickly a token reaches a wallet. It is how often the complete payment reaches the recipient at the quoted price and within the promised period, including when the primary payout route is unavailable.

Stripe and Mastercard move deeper into stablecoin payments

Large payment companies have already spent heavily to bring stablecoin infrastructure into their existing networks.

Stripe completed its acquisition of Bridge in February 2025. Bridge provides infrastructure for businesses to receive, store, convert, issue, and spend stablecoins.

Mastercard completed its acquisition of BVNK on Aug. 3. The card network had agreed to pay as much as $1.8 billion, including $300 million in contingent payments, for technology connecting fiat and stablecoin rails.

Beņķītis described both acquisitions as logical steps but said global platforms must still maintain consistent pricing and settlement as they add currencies with different operating conditions.

Gravity Team estimates that stablecoin settlement costs between 0.1% and 0.4% of the principal across the corridors it studied. Its estimated cost for correspondent banking ranges from 3% to 11% after including foreign-exchange spreads, intermediary charges, and capital held in pre-funded accounts.

Those comparisons also come from company research. Actual costs can vary by corridor, payment size, compliance requirements, and the number of intermediaries involved.

A March 2026 Federal Reserve note separately found that correspondent banking chains can make cross-border payments slower, more expensive and less transparent. The Fed said intermediaries may repeat compliance checks and make it harder to determine where a payment is being held.

Gravity Team opens institutional OTC desk

Gravity Team launched an institutional over-the-counter desk on Aug. 24 as part of its effort to connect crypto liquidity with local fiat settlement.

The company said the service acts as the principal counterparty for transactions within agreed limits for size, price, and volatility. Clients receive quotes with defined validity periods instead of executing large orders through public exchange order books.

The desk offers stablecoin settlement in under 60 seconds and T+0 fiat settlement in more than 20 currencies where local banking conditions allow. T+0 means the fiat side is intended to settle on the same day as the transaction rather than after one or more business days.

Gravity Team said it has direct banking relationships in more than 20 markets and intends the desk for payment providers, fintech companies, brokers, and other institutions moving funds into emerging economies. It also offers request-for-quote execution and credit lines, subject to its counterparty terms.

The launch comes as emerging markets account for some of the fastest growth in crypto activity. Chainalysis reported that Asia-Pacific crypto volume rose 69% to $2.36 trillion during the 12 months ending June 2025, while Latin American activity increased 63%.

For U.S. payment companies, the issue also extends beyond moving dollar-backed tokens overseas. Although the GENIUS Act created a federal framework for payment stablecoin issuers, domestic issuer rules do not by themselves supply peso, real, rupiah, or other local-currency liquidity in destination markets.

Stablecoins can shorten the digital part of a cross-border transfer. Completing the payment still requires local funding, currency conversion, regulatory checks, and a functioning payout route.