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$ETH Publicly traded Ethereum treasury BitMine Immersion Technologies is still buying as ETH plunges, despite the firm's growing losses.
In brief
$ETH BitMine added another $96 million worth of Ethereum last week, bringing its total holdings to more than 4.28 million ETH.
Its most recent acquisition comes as ETH continues its slide, extending the firm's unrealized losses to more than $6 billion based on a recent SEC filing.
Shares have now fallen more than 5% on Monday, hitting their lowest mark since July 2025.
Publicly traded Ethereum treasury firm BitMine Immersion Technologies (BMNR) acquired another 41,788 ETH, valued around $96 million, over the last week as its unrealized losses continue to mount as the price of the crypto asset craters.
The firm now holds 4,285,125 ETH—more than 3.5% of the circulating supply of Ethereum—which is valued at $9.9 billion. However, it has racked up more than $6 billion in unrealized losses based on data from its most recent 10-Q filing with the SEC as ETH tumbles to a recent price of $2,381.
Based on data from November 30, the firm had acquired its first 3.7 million ETH for approximately $14.95 billion and an average cost of around $4,001 per ETH. That same amount of ETH is now worth just $8.8 billion.
Additionally, the firm has garnered approximately $400 million in unrealized losses from its purchases since that time, based on estimations made by Decrypt using the price of ETH at the time that each of its additional purchases was announced.
Despite the growing deficit, the firm’s chairman remains convicted and optimistic in its commitment to Ethereum.
“Ethereum on-chain activity and fundamentals have grown solidly in the past few months, but ETH prices have declined,” said BitMine chairman Tom Lee in a statement. “During the crypto winter of 2021-2022 or 2018-2019, Ethereum transaction activity and active wallets declined, which is counter to what we have seen in the past 12 months.”