While some companies are slowing down their crypto exposure, BitMine Immersion Technologies is accelerating.
The firm purchased 45,759 ETH last week, spending more than $90 million in what it described as its largest weekly Ethereum purchase this year. The buy brings BitMine’s total ETH holdings to 4,371,497 tokens, which are worth approximately $8.7 billion at current market prices.
Yet, the numbers tell a complex story. Due to Ethereum’s recent pullback, BitMine is estimated to be sitting on nearly $8 billion in unrealized losses. Despite this, the company continues to add to its position. This shows its confidence in Ethereum’s long-term role in finance.
A major part of BitMine’s strategy is staking. The company has staked over 3 million ETH, roughly 69% of its holdings. These staked tokens generate around $176 million in annualized rewards, with a yield of 2.89%. Even in times of market decline, this generates steady revenue.
Tom Lee, the chairman, compared the present sentiment toward cryptocurrencies to the market meltdown in November 2022 and the worst of the 2018 crypto winter. However, he emphasized that there are important institutional failings that were evident in earlier crises but are absent from the current situation.
According to Lee, the market has remained weak since what he described as a “price shock” and deleveraging event in October, but without systemic breakdowns. He called the current phase a “mini-winter” rather than a full-scale collapse.
Speaking after Consensus Hong Kong, Lee also highlighted longer-term growth drivers for Ethereum, including the tokenization of real-world assets, artificial intelligence integration, and proof-of-humanity infrastructure. In his view, Ethereum’s utility continues to expand even if its price does not currently reflect that value.
“The price of ETH is not reflective of its high utility and its role as the future of finance,” Lee said.
For BitMine, the message is simple: volatility is temporary, but infrastructure is permanent.
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