Tom Lee’s BitMine Buys More Ethereum Despite $7.5 Billion Unrealized Loss

Core Viewpoint - BitMine Immersion Technologies (BMNR) continues to accumulate Ethereum despite significant unrealized losses, indicating a strong belief in the long-term value of ETH and its utility in the financial sector [1][2]. Group 1: Company Actions - BitMine added 40,613 ETH valued at approximately $83.2 million to its holdings last week, bringing its total to 4,325,738 ETH worth over $8.8 billion, which constitutes about 3.58% of the circulating ETH supply [1]. - The firm has been consistently purchasing Ethereum, viewing the current price pullback as an attractive investment opportunity due to strengthening fundamentals [2]. Group 2: Market Performance - Ethereum has experienced a 10% decline in the last week, trading at $2,123 after reaching a low of $1,824 [2]. - BitMine's average acquisition cost for its first 3.7 million ETH tokens exceeds $4,000, necessitating a significant price rebound for the firm to recover from its unrealized losses of nearly $7.5 billion [3][4]. Group 3: Future Outlook - The company anticipates a potential V-shaped recovery for ETH, similar to past occurrences following significant declines, with expectations for a recovery in 2026 [3]. - Despite the current challenges, shares of BMNR have seen a slight increase of around 3.5% recently, although they remain down approximately 59% over the past six months [4].