BitMine Immersion Technologies is sitting on more than $6 billion in unrealised losses on its Ethereum holdings as the cryptocurrency slid to multi-month lows during the recent market downturn.
Chairman Tom Lee said the losses are “a feature, not a bug,” arguing that BitMine’s ETH-focused treasury is designed to track and potentially outperform Ethereum across full market cycles.
“BMNR will see ‘unrealized’ losses on our holdings of ETH during these times: it’s a feature, it’s not a bug,”
Lee wrote on X, adding that Ethereum remains “the future of finance.”
Ethereum has fallen more than 24% over the past week, briefly dropping to around $2,100, which has intensified pressure on digital asset treasuries holding large ETH positions.
Despite the drawdown, BitMine has continued accumulating Ethereum, acquiring more than 141,000 ETH over the past month and bringing total holdings to over 4.28 million ETH, according to CoinGecko data.
On-chain data also points to broader accumulation, with whales and dormant wallets buying millions of dollars worth of ETH during the dip.
At the same time, other firms such as Trend Research have been moving ETH onto exchanges amid losses, highlighting a market split between long-term conviction and near-term deleveraging.
At the time of reporting, Ethereum price was $2,281.98.