Ethereum’s slide to a two-week low hasn’t deterred BitMine Immersion Technologies. The company just doubled down on its massive holdings. CEO Tom Lee bought another 51,162 ETH last week. That’s roughly $98 million. The company’s now sitting on unrealized losses exceeding $8.1 billion on its existing Ethereum position, according to data from bitminetracker.io.
Ethereum’s dropped roughly 4% over the past week. It’s down more than 35% in the last month. It briefly touched $1,855. The second-largest cryptocurrency now trades more than 61% below its 2025 peak. BitMine’s feeling it. Hard.
BitMine now holds 4,422,659 ETH. That’s valued at around $8.4 billion at current prices. The stash represents approximately 3.66% of Ethereum’s circulating supply. One of the largest corporate treasuries of the asset. Lee’s still committed to the strategy.
“BitMine is methodically executing its treasury strategy, focusing on accumulating ETH and optimizing yield across its growing holdings,” Lee said in a company press release.
The company’s stock has tracked Ethereum’s descent. BMNR fell 3.7% on Monday. It’s down 32% over the past month, according to BitMine’s press materials. Over the past six months? Shares have plunged more than 63%. Recently trading around $19.58. The stock’s erased nearly all gains since BitMine adopted its digital asset treasury strategy in July.
Lee’s bullish stance stands in contrast to the market reality. He’d previously claimed that Ethereum’s “bottom” was already in. This followed prior market liquidations. That included a record $19 billion wipeout in October 2025. The continued decline’s proven those predictions premature.
Lee maintains a long-term view on Ethereum’s prospects. “2026 will be a defining year for Ethereum, citing integration with traditional finance, AI agents, and human verification use cases,” he said, according to the company.
BitMine’s aggressive accumulation strategy mirrors similar corporate treasury plays in the crypto space. The timing’s proven challenging. The company’s betting that Ethereum’s current weakness represents a buying opportunity. Not a sustained downturn. That wager hasn’t paid off for shareholders. They’re watching their stock price crater alongside the company’s unrealized losses.
