TLDR
- BitMine Immersion Technologies (BMNR) bought 51,162 ETH worth ~$98 million last week, bringing total holdings to 4.42 million ETH (~$8.4 billion).
- The firm now holds 3.66% of all circulating Ethereum, working toward a stated goal of 5%.
- BitMine spent ~$16.4 billion accumulating its ETH, but the position is now worth ~$8.4 billion — over $8 billion in unrealized losses.
- ETH is down 61% from its August 2025 all-time high and recently hit a two-week low of $1,855.
- BMNR stock is down 32% this month and over 63% in six months, trading around $19.58.
BitMine Immersion Technologies (BMNR) didn’t blink last week. While Ethereum was sliding to two-week lows, the company went ahead and bought another 51,162 ETH — roughly $98 million worth.
That brings BitMine’s total Ethereum holdings to 4,422,659 ETH. At current prices near $1,905 per token, that stash is valued at around $8.4 billion.
Bitmine Immersion Technologies, Inc., BMNR
The timing hasn’t been kind. BitMine spent approximately $16.4 billion building that position. The gap between what they paid and what it’s worth now represents more than $8 billion in unrealized losses.
Chairman Tom Lee acknowledged the rough stretch in a statement, calling it a “mini crypto winter.” His message: stay the course.
“Our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH,” Lee said.
ETH itself has had a tough run. The token fell around 4.1% over the past seven days and dropped as low as $1,855 on Sunday before recovering slightly. That’s down more than 61% from its August 2025 all-time high of $4,946.
The past month has been especially rough — ETH is down 35% over the last 30 days of trading.
The 5% Goal
Lee has been open about where he wants to take this. The strategy, which he calls the “Alchemy of 5%,” is a plan to acquire 5% of all Ethereum in circulation. The firm currently sits at 3.66%.
To keep the math working while prices are low, BitMine is leaning on staking. The company has more than 3 million of its ETH tokens actively staked on the network, generating roughly $171 million in annualized revenue. That income helps fund continued buying.
Lee has also pointed to growing network usage and the potential for Ethereum to become a settlement layer for traditional finance. He cited AI agents and blockchain-based identity verification as drivers he’s watching.
BMNR Stock Taking the Hit
The stock hasn’t been spared. BMNR is down nearly 32% in the past month and more than 63% over the last six months, recently trading around $19.58.
That puts BMNR close to erasing almost all of the gains it made since launching its digital asset treasury strategy last July.
On the analyst side, the picture is a bit more optimistic. TipRanks shows a Moderate Buy consensus on BMNR, based on two Buy ratings over the past three months. The average 12-month price target is $34.50, which would represent upside of around 79.4% from current levels.
Lee has previously called the bottom on ETH multiple times following the record $19 billion in liquidations on October 10, 2025. The token has continued lower since those calls.
As of Monday, BMNR was trading at $19.58, down 4.55% on the day.
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