Tom Lee’s BitMine Buys More Ethereum Despite $7.5 Billion Unrealized Loss
BitMine Immersion Technologies (BMNR), a publicly traded Ethereum treasury firm, recently acquired 40,613 ETH worth about $83.2 million, bringing its total holdings to 4,325,738 ETH—approximately 3.58% of ETH’s circulating supply and valued at over $8.8 billion. Despite substantial unrealized losses nearing $7.5 billion, the company continues to buy ETH, viewing current price declines as attractive investment opportunities backed by strong fundamentals. Chairman Tom Lee expects a major ETH price recovery, citing historical “V-shaped” rebounds after significant drops. BitMine’s average acquisition cost for its initial 3.7 million ETH exceeded $4,000 per token. ETH currently trades around $2,123 following a recent 10% weekly decline. BMNR shares rose 3.5% on Monday but remain down about 59% over the past six months.
