Bitmine buys another $92M in ETH while sitting on a $9.3B unrealized loss
Tom Lee's crypto treasury company now holds 5.67 million ETH at an average cost of $3,440, with current prices hovering near $1,733.
Bitmine Immersion Technologies purchased another 52,203 ETH over the past week, worth roughly $92 million at Monday’s market price, as the company continued accumulating despite a massive unrealized loss on its treasury.
The latest acquisition increased Bitmine’s holdings to 5,672,956 ETH, representing 4.7% of Ethereum’s 120.7 million token supply. At the company’s reference price of $1,733 per ETH, the treasury was worth about $9.8 billion as of June 21.
Bitmine remains deeply underwater on the position. According to DropsTab, the company is sitting on an estimated unrealized loss of around $9.3 billion, with the treasury roughly 48% below its acquisition cost.
The company remains the largest corporate holder of Ethereum and the second largest corporate crypto treasury globally, behind Strategy’s roughly $54 billion Bitcoin position. Bitmine’s total crypto assets, cash, marketable securities and strategic investments reached $10.7 billion.
The latest purchase places Bitmine 94% of the way toward its stated goal of controlling 5% of the entire ETH supply. Chairman Tom Lee said the company expects to reach the target sometime in 2026 as it maintains a steady accumulation pace.
Lee said Bitmine believes the crypto market is in the early stages of a recovery, adding that tokenization and artificial intelligence could drive further demand for blockchain infrastructure.
Bitmine has staked 4,718,677 ETH, representing more than 83% of its total holdings. Its staking operations are generating a seven day annualized yield of 2.73%, with annualized revenue projected at about $223 million. That figure could rise to approximately $268 million once its holdings are fully staked through MAVAN and external partners.
Beyond Ethereum, Bitmine holds 205 Bitcoin, a $180 million stake in Beast Industries and a $104 million stake in Eightco Holdings. The company also reported $601 million in cash and marketable securities.
Ether was last trading 2% higher on the day near $1,740, while Bitmine shares were little changed near $16. The stock remains nearly 90% below the high reached after the company shifted toward a crypto treasury strategy.