What did BitMine Immersion Technologies announce about its ETH purchases?

BitMine Immersion Technologies said it bought 101,901 ETH last week, bringing total holdings to about 5.08 million ETH, marking its second major purchase in two weeks.

How large are BitMine’s unrealised losses?

BitMine is currently sitting on more than $6.5 billion in unrealised losses based on total investments of roughly $17.6 billion, reflecting recent declines in Ethereum prices.

Why is BitMine still buying ETH despite these losses?

BitMine appears to be following a long-term accumulation strategy, betting that Ethereum’s price will recover over time while continuing to build a large treasury position.

How much ETH does BitMine currently hold?

The company holds approximately 5.08 million ETH, making it one of the largest corporate holders of Ethereum, with total crypto and cash reserves of about $13.3 billion.

What is BitMine doing with its ETH holdings?

BitMine has staked around 3.7 million ETH, allowing it to earn rewards by helping secure the Ethereum network and validate transactions, generating ongoing yield.

How is BitMine’s stock (NYSE: BMNR) performing?

BitMine’s stock is down more than 20% year-to-date, reflecting investor concerns about volatility and the risks tied to its large crypto exposure.

How has Ethereum’s price moved recently?

Ethereum rebounded above $2,400 after dropping to around $1,800 earlier this year, but it remains down about 23% year-to-date, showing continued market volatility.

What are the main risks of BitMine’s strategy?

The biggest risk is exposure to ETH price swings, which can lead to large unrealised losses during downturns, even if the company continues accumulating and staking.

BitMine buys 101,000 ETH despite $6.5B losses

Written by BloombergPublished Apr. 28 2026Last Updated Apr. 28 2026

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.