BitMine Immersion Technologies has expanded its Ether holdings with a fresh purchase of 101,901 ETH, despite sitting on more than $6.5 billion in unrealised losses.
The latest acquisition brings total holdings to roughly 5.08 million ETH and follows a similar purchase a week earlier, pushing combined crypto and cash reserves to about $13.3 billion.
The company continues to accumulate Ethereum even as volatility weighs on its balance sheet, highlighting a high-conviction but high-risk treasury strategy.
BitMine’s total investment of around $17.6 billion has been significantly impacted by Ether’s price swings, leaving billions in paper losses as the asset remains down year-to-date.
Shares of the NYSE-listed company have fallen more than 20% this year, reflecting investor concern over its exposure to crypto price movements.
Despite this, BitMine has staked approximately 3.7 million ETH, generating yield by helping secure the Ethereum network and validating transactions, providing income during downturns.
The purchases come as Ether rebounds above $2,400 from earlier lows near $1,800, though ongoing volatility continues to underline the risks facing crypto treasury firms reliant on asset appreciation.
At the time of reporting, Ethereum price was $2,286.74.