BitMine Doubles Down on Ethereum as Losses Swell During ETH Slump

Publicly listed Ethereum treasury firm BitMine Immersion Technologies has continued to expand its ETH war chest, even as the market downturn deepens its unrealized losses.

Over the past week, the company added 41,788 ETH to its balance sheet, a purchase worth roughly $96 million at current prices. The move lifts BitMine’s total holdings to about 4.29 million ETH—more than 3.5% of Ethereum’s circulating supply—now valued near $9.9 billion.

That aggressive accumulation has come at a steep cost on paper. According to the company’s latest SEC filing, BitMine is sitting on over $6 billion in unrealized losses as Ethereum trades around $2,381. Much of the exposure traces back to earlier buys, including roughly 3.7 million ETH acquired for nearly $15 billion at an average price above $4,000 per token. At today’s prices, that tranche alone is worth billions less.

Additional purchases made since late November have further widened the gap, adding an estimated $400 million in unrealized losses as ETH continued to slide.

Despite the mounting deficit, BitMine’s leadership remains firmly committed to its Ethereum-first strategy. The company argues that network activity and usage metrics have strengthened over the past year, even as prices weakened—an unusual divergence compared with prior crypto downturns. Management has also pointed to lingering effects from October’s massive liquidation event and a surge in precious metals as factors draining risk appetite from digital assets.

Gold and silver recently surged to record levels before pulling back, a move BitMine believes temporarily diverted capital away from crypto markets. From the firm’s perspective, the pullback in ETH represents opportunity rather than warning.

Investors, however, remain cautious. Shares of BMNR fell another 5% on Monday to around $23.83, marking the stock’s lowest level since its mid-2025 spike tied to the Ethereum treasury announcement.

Ethereum has bounced modestly in the past 24 hours, but it remains down sharply on the week and more than 50% below its all-time high—leaving BitMine’s bold bet on ETH firmly under the spotlight.