BitMine Immersion Technologies is continuing its ETH accumulation strategy, acquiring 41,788 ETH worth roughly $96 million last week despite a sharp weekend selloff that pushed Ethereum below $2,200.
The decline dragged BitMine’s Ethereum portfolio below $9.5 billion in market value, leaving the firm with more than $6 billion in unrealized losses. Ether has since rebounded to around $2,350 by Monday midday, offering partial relief after the drawdown.
BitMine now holds approximately 4.3 million ETH, representing about 3.55% of Ethereum’s circulating supply. Based on company disclosures, the firm’s average ETH acquisition cost is near $3,879, implying a total cost basis of roughly $16 billion versus a current market value near $10 billion at press time.
Chairman Tom Lee has reiterated a bullish long-term outlook, arguing that Ethereum network activity remains resilient despite price weakness. He pointed to record highs in daily transactions and active addresses, contrasting the current cycle with prior crypto downturns marked by declining onchain usage.
BitMine has also expanded its staking exposure, with nearly 2.9 million ETH now staked, representing close to two-thirds of its holdings and generating an estimated $188 million in annualized staking revenue. The firm plans to launch its Made in America Validator Network in early 2026 to further scale its Ethereum infrastructure.
Shares of BitMine Immersion Technologies were down about 6% on the day as broader crypto markets remained under pressure.
