BitMine Immersion Technologies, led by Tom Lee, is reporting over $7.4 billion in unrealized losses on its 4.285 million ETH holdings, bought at an average of $3,830 per coin, now worth below $2,100, while Ethereum has fallen below current levels. Despite these paper losses, the company continues its Ethereum treasury strategy, adding more ETH during the downturn and staking a large portion of its holdings to earn yield. Lee emphasizes that such drawdowns are normal in a long-term treasury approach, reflecting broader market cycles rather than a flaw in strategy. BitMine’s Ethereum holdings, roughly 3.5% of circulating ETH, show both its conviction in the market and the risks involved in deep crypto treasury plays.
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