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BitMine Immersion Technologies, led by co-founder of Fundstrat Global Advisors Tom Lee, has acquired an additional 40,613 ETH for $83.2 million, despite unrealized losses amounting to $7.5 billion.
BitMine now holds 4,325,738 ethers, valued at over $8.8 billion. This represents approximately 3.58% of the total circulating ETH supply. Chairman Tom Lee stated that BitMine consistently purchases ether even during market downturns due to the strengthening of the altcoin’s fundamental indicators.
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“In our view, the price of ETH does not fully reflect the utility of this cryptocurrency and its role in the future financial system. Ether has shown a V-shaped recovery after significant lows. This has occurred each time ether has dropped by 50% or more. We anticipate a similar rebound in 2026,” Lee remarked.
He further noted that downturns create favorable conditions for investment. Over the past week, the market capitalization of ether has decreased by 12% to $246.1 billion. Currently, ether is trading at $2,039. For BitMine to return to profitability on its ether purchases, the asset will require a significant rebound.
According to a quarterly report submitted by BitMine to the U.S. Securities and Exchange Commission (SEC), the average purchase price of one ETH in the initial acquisition of 3.7 million coins exceeded $4,000.
Recently, Tom Lee linked the decline in ether to a sharp increase in precious metal prices. However, he views the altcoin’s correction not as a sign of weakness but as an opportunity to acquire more coins. At the end of December, BitMine first included ethers in staking.
