BitMine Immersion Technologies acquired 45,759 ether last week, valued at over $90 million, increasing its total holdings to more than 4.37 million tokens. The company's chairman, Tom Lee, compared current crypto market sentiment to the lows of 2018 and 2022, yet highlighted Ethereum's potential in tokenization and AI. Despite paper losses nearing $8 billion, BitMine continues its buying strategy.
BitMine Immersion Technologies (BMNR), recognized as the largest Ethereum treasury company, extended its accumulation efforts by purchasing 45,759 ether (ETH) last week. This acquisition, worth over $90 million, marked the firm's biggest weekly buy in token terms this year, according to a Tuesday update from the company.
The purchase elevated BitMine's total ETH holdings to 4,371,497 tokens, equivalent to approximately $8.7 billion at prevailing prices. Despite this value, the firm faces nearly $8 billion in unrealized losses amid recent crypto price declines. BitMine's broader assets include a $670 million cash reserve, a modest bitcoin holding, and equity positions such as a $200 million stake in Beast Industries, totaling $9.6 billion. Its share of Ethereum's overall supply now stands at 3.62%.
Over 3 million ETH—representing about 69% of holdings—have been staked, yielding $176 million in annual rewards at a 2.89% rate, as stated by Chairman Tom Lee.
Lee described the prevailing market mood as deeply pessimistic, evoking memories of the 2018 crypto winter and the November 2022 trough. "Investor sentiment and enthusiasm are rock bottom, reminding us of the forlornness and dejection seen at the November 2022 lows and depths of 2018 crypto winter," he remarked. He noted a distinction from past downturns, attributing recent weakness to a 'price shock' and deleveraging event on October 10th, without collapses of major entities.
At last week's Consensus Hong Kong conference, Lee pointed to Ethereum's advancements in tokenization, artificial intelligence integrations, and proof-of-humanity infrastructure as key future catalysts. "The price of ETH is not reflective of the high utility of ETH and its role as the future of finance," he added. "Hence, we continue to buy ETH even as crypto moves through this 'mini-winter.'"
This ongoing strategy underscores BitMine's confidence in Ethereum's long-term value despite short-term market pressures.
