BitMine Boosts Ethereum Holdings to 3% of Supply Despite $4B Unrealized Loss

BitMine Immersion Technology acquired 69,822 ETH last week, raising its total holdings to 3.63 million tokens, about 3% of Ethereum’s supply, worth roughly $195 million at current prices. The firm’s cash reserves grew to $800 million, bringing its combined assets—including small stakes in Eightco Holdings and 192 BTC—to $11.2 billion. Despite a $4 billion unrealized loss from steep ETH price declines, BitMine continues to increase its crypto portfolio, countering a broader trend where most digital asset treasuries have halted acquisitions. BMNR’s shares declined 23% last week and remain down over 80% from their July peak, while ETH has dropped nearly 40% since August.