Tom Lee’s BitMine Buys More Ethereum Despite $7.5 Billion Unrealized Loss

In brief

• BitMine Immersion Technologies added around $83 million worth of ETH last week.
• The firm now holds 4.325 million ETH, or over $8.8 billion worth, but has about $7.5 billion in unrealized losses.
• Shares of BMNR are up on the day, but down about 59% over the last six months.

Publicly traded Ethereum treasury firm BitMine Immersion Technologies (BMNR) added another 40,613 ETH valued around $83.2 million to its industry-leading Ethereum stash last week, despite its unrealized losses currently sitting near $7.5 billion.  The firm now holds 4,325,738 Ethereum worth more than $8.8 billion, representing about 3.58% of the circulating ETH supply.  “BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” Chairman Tom Lee said in a statement. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance." 

The firm has remained committed to acquiring Ethereum as it falls further from its August all-time high mark of $4,946. The second-largest crypto asset by market cap has now dropped 10% in the last seven days of trading, recently changing hands at $2,123 after falling as low as $1,824 last week.  That rebound might be the start of a major recovery effort though, according to Lee.  “ETH sees V-shaped recoveries from major lows. This happened in each of the eight prior declines of 50% or more. A similar recovery is expected in 2026,” he said, adding that the “best investment opportunities” come after declines. The token will need a massive rebound in order to put BitMine back into the black on its purchases. The firm garnered an average acquisition cost of more than $4,000 per ETH on its first 3.7 million tokens, according to data from its latest quarterly report filed with the SEC.

Adding in estimates from its acquisitions since November 30, BitMine currently sits on unrealized or paper losses of almost $7.5 billion, according to data from analytics platform DropStab. Shares of BMNR are up around 3.5% on Monday, changing hands around $21.18 despite ETH showing only a 1.5% gain in the last 24 hours. Shares in the top ETH treasury firm are now down around 59% in the last six months.