BitMine buys 40,613 ETH during sell-off as Ether strategy faces deep drawdown
Tom Lee–backed BitMine added over 40,000 ETH during last week’s market sell-off, doubling down on its Ether treasury strategy despite multibillion-dollar unrealized losses.
Ether treasury company BitMine Immersion Technologies significantly increased its ETH holdings during last week’s market correction, signaling continued conviction in its long-term strategy despite mounting unrealized losses.
The company disclosed Monday that it acquired 40,613 Ether (ETH) last week, lifting its total holdings to more than 4.326 million ETH, worth about $8.8 billion at current prices.
Despite the accumulation, BitMine is currently deeply underwater on its Ether position, according to DropsTab data.