What to know : BitMine Immersion Technology (BMNR) acquired 102,259 ether last week, valued at around $320 million, increasing its holdings to nearly 4 million tokens. The company currently has about $3 billion in unrealized losses on its ETH investments. Chairman Thomas Lee expressed optimism about the future of crypto, citing positive legislation and Wall Street support as reasons for continued accumulation.
BitMine Immersion Technology (BMNR), the largest Ethereum treasury company, continued its splurge, buying 102,259 in ether through last week, worth roughly $320 million at recent prices.
The latest acquisition, reported on Monday, brought the firm's stash to nearly 4 million tokens, aiming to corner 5% of ether's supply. The company kept its cash holdings steady at $1 billion, while its total holdings — including a minor bitcoin stack and stake in Worldcoin-focused digital asset treasury Eightco (ORBS) — stood at $13.2 billion.
Most digital asset treasuries have slowed or reversed accumulation as token prices and equity valuations came under pressure in in the past months. There's only a few exceptions such as BitMine and bitcoin-centric Strategy (MSTR) that kept adding to their holdings through the correction. However, BitMine is estimated to sitting on around $3 billion in unrealized losses on its ETH holdings, as the second-largest cryptocurrency is trading 36% lower than its August record-high.
"2025 saw many positive developments in digital assets," said chairman Thomas Lee, who's also the founder of analytics firm Fundstrat, "including positive legislation passed by the US Congress and favorable regulations, and by strengthening support from Wall Street."
"These strengthen our conviction that the best days for crypto are ahead and why we continue to accumulate ETH towards our 'alchemy of 5%' target," he added.
Read more: Most Influential: Tom Lee
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