BitMine adds 41,000 ETH to its balance sheet, while its unrealized losses amount to $6B

In crypto, there are two ways to get noticed: announce a cautious strategy (nobody listens) or buy when it stings. This week, BitMine Immersion Technologies chose the second option: a big block of ether is added to the vault, while the “on paper” losses grow.

A massive Ethereum purchase, crypto amid a coughing market

The company announced it bought 41,788 ETH last week, its largest weekly haul of the year, worth about $96 million at current prices. The contrast is harsh: at the very moment this new block is added to the treasury, latent losses are already stretching around 6 billion dollars, a sign that here they accumulate without trying to hide the market pain. In crypto terms, it’s the equivalent of a “I don’t blink”.

With this addition, BitMine claims 4,285,125 ETH, about 3.55% of Ethereum’s circulating supply. At this level, we are no longer talking about a simple wallet: we are talking about a position that weighs, psychologically and mechanically.

And this is not an “ETH-only” vault. BitMine also mentions 193 Bitcoin, $586M in cash, a $200M stake in Beast Industries and $20M in Eightco Holdings. The message is clear: even amid turbulence, the reserve remains diversified… but the main focus remains ether.

6 billion unrealized losses: the price of the “long term”

The scene is brutal: ether fell around $2,300, before a small rebound to $2,360 in the session. Result: the aggregate value (crypto + cash + stakes) slipped to $10.7B, and the BMNR stock hit new seven-month lows, down about 5% on the day.

That’s where the figure that sticks to the skin arises: ~6B$ of estimated unrealized losses on the position. Important: “unrealized” does not mean “fictitious.” It means: they exist as long as the market refuses to rise, but they only become final if the company sells. In crypto, the nuance makes all the difference… and it doesn’t prevent stock market pain.

The real question, the one the market asks bluntly: is BitMine buying a floor, or sitting on a broken elevator? The answer depends less on tweets than on liquidity, time, and whether the company can hold its course without being forced to “de-risk” at the worst moment.

The Tom Lee argument: on-chain accelerates, price detaches

Chairman Tom Lee defends a reading that sounds almost provocative: price weakness contrasts with rising network activity, with recent records on daily transactions and active addresses. In other words: on-chain, it’s alive; on the chart, it sulks.

He also emphasizes a point of comparison: in previous bear markets, Ethereum activity tended to slow down. Here, according to him, the opposite is observed, making the price drop harder to explain by a simple “no one is using it anymore.”