Ethereum Hits 2-Week Low—And Tom Lee's BitMine Just Added to Its $8.4 Billion Stash
In brief
- BitMine added more than 51,000 ETH to its stash last week, bringing its total holdings to over 4.4 million ETH.
- The firm now manages an estimated $8 billion unrealized loss on its Ethereum purchases.
- BMNR shares have also fallen, down 3.68% on Monday and more than 32% in the last month.
Publicly traded Ethereum treasury BitMine Immersion Technologies accumulated another 51,162 ETH, or about $98 million worth, last week as the price of ETH continued its slide. The second-largest crypto asset by market capitalization fell around 4.1% in the last seven days, recently changing hands around $1,905. Ethereum plunged to its lowest price in more than two weeks late Sunday, touching a daily low of $1,855 before starting to recover. “In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings,” said BitMine Chairman Tom Lee, in a statement.
The firm’s holdings have ballooned to 4,422,659 ETH in total, valued around $8.4 billion at the time of writing. But its accumulation, around 3.66% of the circulating Ethereum supply, has netted the firm unrealized losses of more than $8.1 billion according to data from DropsTab. Nevertheless, Lee and the firm remain committed to acquiring ETH, and expect that 2026 will be a “defining year” for the asset as it continues to enmesh itself into the world of traditional finance. He echoed comments from last week, pointing to optimism around AI agents using Ethereum, along with the potential for blockchain use in human verification systems. The firm’s chairman, who has predicted major price appreciation for Ethereum, has previously said that the bottom—or the lowest price before a recovery—is in for ETH on multiple occasions following the record-breaking $19 billion in liquidations on October 10. But Ethereum keeps falling, now down more than 61% from its August 2025 all-time high of $4,946 and down 35% in the last month of trading.
Alongside it, shares in BitMine (BMNR) continue to fall, down nearly 32% on the month and greater than 63% in the last six months, recently changing hands at $19.58. BMNR has erased nearly all its gains since the firm implemented its digital asset treasury strategy last July.
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