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Ethereum&#x27;s slide to a two-week low hasn&#x27;t deterred BitMine Immersion Technologies. The company just doubled down on its massive holdings. CEO Tom Lee bought another 51,162 ETH last week. That&#x27;s roughly $98 million. The company&#x27;s now sitting on unrealized losses exceeding $8.1 billion on its existing Ethereum position, according to <a href="https://www.bitminetracker.io/">data from bitminetracker.io</a>.
Ethereum&#x27;s dropped roughly 4% over the past week. It&#x27;s down more than 35% in the last month. It briefly touched $1,855. The second-largest cryptocurrency now trades more than 61% below its 2025 peak. BitMine&#x27;s feeling it. Hard.
<a href="https://www.thecoinzone.com/news/bitmine-expands-ethereum-holdings-market-volatility/" data-wpil-monitor-id="1666">BitMine now holds</a> 4,422,659 ETH. That&#x27;s valued at around $8.4 billion at current prices. The stash represents approximately 3.66% of Ethereum&#x27;s circulating supply. One of the largest corporate treasuries of the asset. Lee&#x27;s still committed to the strategy.
&quot;BitMine is methodically executing its treasury strategy, focusing on accumulating ETH and optimizing yield across its growing holdings,&quot; Lee said in a company press release.
The company&#x27;s stock has tracked Ethereum&#x27;s descent. BMNR fell 3.7% on Monday. It&#x27;s down 32% over the past month, according to BitMine&#x27;s press materials. Over the past six months? Shares have plunged more than 63%. Recently trading around $19.58. The stock&#x27;s erased nearly all gains since BitMine adopted its digital asset treasury strategy in July.
Lee&#x27;s bullish stance stands in contrast to the market reality. He&#x27;d previously claimed that Ethereum&#x27;s &quot;bottom&quot; was already in. This followed prior market liquidations. That included a record $19 billion wipeout in October 2025. The continued decline&#x27;s proven those predictions premature.
Lee maintains a long-term view on Ethereum&#x27;s prospects. &quot;2026 will be a defining year for Ethereum, citing integration with traditional finance, AI agents, and human verification use cases,&quot; he said, according to the company.
BitMine&#x27;s aggressive accumulation strategy mirrors similar corporate treasury plays in the crypto space. The timing&#x27;s proven challenging. The company&#x27;s betting that Ethereum&#x27;s current weakness represents a buying opportunity. Not a sustained downturn. That wager hasn&#x27;t paid off for shareholders. They&#x27;re watching their stock price crater alongside the company&#x27;s unrealized losses.

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