Tom Lee’s BitMine Buys the Ethereum Dip, Even as Unrealized Losses Top $6 Billion

Publicly traded Ethereum treasury firm BitMine Immersion Technologies (BMNR) acquired another 41,788 ETH, valued around $96 million, over the last week as its unrealized losses continue to mount as the price of the crypto asset craters.

The firm now holds 4,285,125 ETH—more than 3.5% of the circulating supply of Ethereum—which is valued at $9.9 billion. However, it has racked up more than $6 billion in unrealized losses based on data from its most recent 10-Q filing with the SEC as ETH tumbles to a recent price of $2,381. 

Based on data from November 30, the firm had acquired its first 3.7 million ETH for approximately $14.95 billion and an average cost of around $4,001 per ETH. That same amount of ETH is now worth just $8.8 billion. 

Additionally, the firm has garnered approximately $400 million in unrealized losses from its purchases since that time, based on estimations made by Decrypt using the price of ETH at the time that each of its additional purchases was announced.

Despite the growing deficit, the firm’s chairman remains convicted and optimistic in its commitment to Ethereum. 

“Ethereum on-chain activity and fundamentals have grown solidly in the past few months, but ETH prices have declined,” said BitMine chairman Tom Lee in a statement. “During the crypto winter of 2021-2022 or 2018-2019, Ethereum transaction activity and active wallets declined, which is counter to what we have seen in the past 12 months.” 

According to Lee, the decline in price can be attributed to the continuing fallout from the record-breaking $19 billion of liquidations on October 10, and the recent surge of precious metals, which he said has “sucked away risk appetite from crypto.”

Last week, gold made a new all-time high above $5,600 an ounce and silver surged above $150, before both began a slide back to recent prices of $4,680 and $75.69, respectively. 

“BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” said Lee. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.” 

Shares in BMNR are down another 5% on Monday, recently trading at $23.83. Earlier Monday, BMNR hit its lowest mark since spiking in July 2025 on news of its Ethereum treasury strategy. 

ETH is up around 3.7% in the last 24 hours, but has fallen nearly 18% in the last week and is about 52% off its August all-time high price of $4,946.