BitMine Immersion Technologies (BMNR), the ether-focused treasury run by Fundstrat veteran Thomas Lee, pushed past a major milestone this week — crossing 4 million ETH in its balance sheet. What happened - BitMine added 98,852 ETH last week, a purchase valued at roughly $300 million based on Monday’s ETH price of $3,046.62. - The buy lifts BitMine’s total holdings to 4,066,062 ETH, equal to about 3.37% of the current ether supply. - At Monday prices, that ETH stash is worth just over $12 billion, making BitMine the largest known ETH reserve among publicly traded companies. - Despite the acquisitions, the firm’s cash position remained steady at $1 billion. Market backdrop and performance - The purchases came through a volatile stretch: ETH tumbled from an early-week high near $3,170 to below $2,800 by Thursday, then rebounded above $3,000. The bounce helped BMNR shares gain 4.5% in pre-market trading after a 10% jump on Friday. - Last week’s addition was slightly smaller than the prior week’s 138,000 ETH buy but keeps BitMine on course for its stated target of owning roughly 5% of ether’s supply. Risks and snapshot of returns - Accumulating into a weakness suggests continued conviction from BitMine’s management, but the strategy hasn’t been painless: DropsTab data indicate BitMine may be carrying over $3 billion in unrealized losses after recent price swings. Why it matters - A publicly traded company holding more than 4 million ETH is notable for market optics and for signaling institutional appetite for large-scale ether accumulation. Whether BitMine continues steady buying or pauses will be one to watch for its potential impact on large-supply dynamics and investor sentiment. Read more AI-generated news on: undefined/news