Tom Lee's BitMine Buys the Ethereum Dip, Even as Unrealized Losses Top $6 Billion
BitMine Immersion Technologies (BMNR), a publicly traded Ethereum treasury firm, recently acquired 41,788 additional ETH (about $96 million), bringing its total holdings to 4,285,125 ETH—over 3.5% of Ethereum's circulating supply—valued at $9.9 billion. The company faces more than $6 billion in unrealized losses, with the average purchase price significantly higher than current values, as ETH dropped to $2,381. BitMine initially acquired 3.7 million ETH for $14.95 billion (average $4,001 per ETH), now worth just $8.8 billion, and has since added to its position despite $400 million in additional unrealized losses. Chairman Tom Lee maintains optimism, citing strong on-chain activity and fundamentals despite falling prices, which he attributes to large liquidations and increased investment in precious metals. Lee asserts the current ETH price does not reflect its true utility or long-term value. BMNR shares have declined 5% to $23.83, hitting their lowest point since July 2025. ETH is up 3.7% in the past day but remains 18% lower on the week and 52% below its all-time high.
