BitMine Immersion Technologies, the publicly traded Ethereum treasury firm led by Chairman Tom Lee, has once again increased its Ethereum holdings, acquiring an additional 40,613 ETH valued at roughly $83.2 million last week. This latest purchase brings BitMine’s total Ethereum stash to 4,325,738 tokens, representing more than $8.8 billion and approximately 3.58% of the circulating ETH supply. The firm’s commitment to accumulation continues even as its unrealized losses approach $7.5 billion, reflecting the steep decline in ETH from its August all-time high of $4,946 to recent lows near $1,824.
Tom Lee emphasized that the recent market dip presents an attractive entry point. He highlighted that Ethereum’s fundamental value remains strong, with the network’s expanding utility and role in decentralized finance positioning it as a critical component of the future financial ecosystem. “We view this pullback as an opportunity, given the strengthening fundamentals,” Lee said, adding that historical patterns show ETH often experiences V-shaped recoveries following significant declines. According to Lee, prior drops of 50% or more have consistently been followed by sharp rebounds, a trend he expects to continue into 2026.
BitMine’s average acquisition cost for its first 3.7 million ETH tokens exceeded $4,000 per coin, meaning a substantial market recovery is required before these holdings move back into profitability. Despite this, the firm’s strategy demonstrates confidence in Ethereum’s long-term trajectory. Data from analytics platform DropStab estimates BitMine’s current unrealized losses at nearly $7.5 billion, yet the firm has maintained its buying approach, signaling a focus on accumulation over short-term market fluctuations.
Shares of BMNR have reflected broader market volatility. On Monday, BMNR stock rose approximately 3.5% to $21.18, while Ethereum itself gained only 1.5% in the same 24-hour period. Over the last six months, the stock has declined around 59%, mirroring ETH’s turbulent price action but highlighting the risk and potential reward inherent in maintaining a large crypto treasury. Analysts note that BitMine’s aggressive accumulation strategy could influence other institutional investors, reinforcing confidence in Ethereum as a long-term asset class.
Looking ahead, BitMine’s continued purchases suggest a strong institutional belief in Ethereum’s resilience and its evolving role in decentralized finance. While short-term volatility remains, the firm’s strategy underscores the broader thesis that strategic accumulation during market downturns can position investors to benefit from eventual recoveries, potentially shaping institutional investment trends across the cryptocurrency sector in 2026 and beyond.
