BitMine Immersion Technologies said it purchased 45,759 Ethereum last week, bringing total holdings to 4.37 million ETH valued at approximately $8.68 billion.
The accumulation comes despite Ethereum trading roughly 60% below its 2025 peak of $4,946, leaving BitMine’s position sitting on an estimated $7.9 billion unrealised loss.
“We see strengthening product-market fit emerging on the back of three long-duration secular drivers,”
Said chairman Tom Lee, adding that 2026 could be a “defining year for Ethereum” driven by tokenisation, AI use cases and layer-2 adoption.
Lee cited Wall Street tokenisation, AI agents using Ethereum for payments and verification, and creator-driven proof-of-human systems on layer-2 networks such as Worldchain as key structural catalysts.
BitMine also holds 193 Bitcoin worth around $13 million and $670 million in cash, alongside equity investments including $200 million in Beast Industries and $17 million in Eightco Holdings tied to Worldcoin exposure.
Lee acknowledged that sentiment is “rock bottom,” comparing current conditions to the depths of the 2018 crypto winter and late 2022 lows, as Ethereum trades near $1,990 and remains under heavy pressure.
“We cannot control the price of Ethereum, and the company is acquiring ETH regardless of price trend,”
Lee said, adding that BitMine will continue buying through what he described as a “mini-winter.”
At the time of reporting, Ethereum price was $1,996.23.