BitMine Buys 41K Ether Despite $6B Unrealized Loss

BitMine Immersion Technologies, chaired by Tom Lee, continued to add ether to its balance sheet even as falling crypto prices pushed its paper losses sharply higher.

The company said it bought 41,788 ETH last week, its largest weekly purchase this year, worth roughly $96 million at current prices.

This latest acquisition lifted BitMine’s total ether holdings to more than 4.28 million tokens, representing about 3.55% of Ethereum’s circulating supply.

Alongside its ether treasury, the firm also holds bitcoin, hundreds of millions of dollars in cash, and equity stakes in several companies.

Ether dropped to around $2,300 over the weekend, dragging BitMine’s total holdings value down to about $10.7 billion and leaving the firm with an estimated $6 billion in unrealized losses.

Despite this, Lee argued that Ethereum’s fundamentals remain strong, pointing to record highs in daily transactions and active addresses. BitMine has also increased staking, with nearly two-thirds of its ETH now generating staking income.

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