Tom Lee’s Bitmine Immersion Technologies continued its accumulation of Ether last week, adding to its holdings as the cryptocurrency staged a sharp breakout following a prolonged downturn.
The company disclosed Monday that it purchased 32,447 Ether (ETH) last week, bringing its total holdings to 5,847,611 ETH, or roughly 4.8% of Ethereum’s circulating supply. Bitmine has acquired ETH every week since launching its Ethereum treasury strategy on June 30, 2025, extending its buying streak to roughly 14 months.
The company’s NYSE-traded shares were up about 8.7% to open the week, poised to extend their almost 28% gains over the past six months.
Bitmine is now 97% of the way toward its stated goal of owning 5% of the ETH supply. It has also staked 5.07 million ETH, representing about 87% of its holdings, and reported combined crypto, cash, securities and other investments of $14.9 billion.
The latest purchase coincided with a sharp rally across Ether and the broader cryptocurrency market. ETH has outperformed Bitcoin since last Wednesday, when the US Treasury announced plans to double its monthly purchases of certain longer-dated US Treasurys to $4 billion from $2 billion beginning next month.
Ether has gained more than 32% since the announcement, breaking above $2,500 for the first time since January, according to CoinMarketCap data.
Related: Crypto Biz: Treasury’s ‘Not-QE’ playbook sends Bitcoin higher
Ether price rebound cuts Bitmine’s paper losses
Bitmine’s aggressive Ether purchases during the market downturn left the company sitting on steep unrealized losses as ETH prices continued to fall. However, the cryptocurrency’s recent recovery has significantly narrowed that shortfall.
Bitmine has invested more than $19.5 billion in its Ether treasury, with its paper losses falling to below $5 billion from more than $8.4 billion roughly a week ago, according to DropsTab data.
Bitmine’s unrealized losses on its ETH holdings have narrowed amid the market recovery. Source: DropsTab
The sharp swings highlight the challenges of managing digital asset treasuries, whose valuations can fluctuate significantly with changing market conditions.
Related: Ethereum Foundation warns some tools may break with Glamsterdam upgrade
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