BitMine Adds 41,788 ETH as Unrealized Losses Hit $6 Billion

BitMine Immersion Technologies disclosed a purchase of 41,788 ETH last week, increasing its holdings to about 4.29 million ETH — roughly $10 billion at current prices — and representing approximately 3.55% of circulating supply ^[1][3][4].

The enlarged position has produced significant unrealized losses; the company reported paper losses of about $6 billion, and BMNR shares fell roughly 5% in early U.S. trading following the disclosure ^[1][4].

Chairman Tom Lee defended the strategy, saying the buys reflect improving network data even as prices slide; BitMine also noted it has no debt and that staking income is rising ^[4][3][2].

Company commentary highlighted a divergence between Ether’s price decline and on-chain activity, a contrast to prior bear markets cited by BitMine leadership ^[4][1].

The transactions increase BitMine’s exposure to Ether while unrealized losses underscore near-term valuation risk; the firm points to network fundamentals and staking revenue as justification for its longer-term stance ^[1][4][3].