Bitmine Immersion Technologies just added 52,203 ETH to its balance sheet last week, spending roughly $92M. The company now holds 5,672,956 ETH, worth approximately $10B at current prices.
Here’s the thing: Bitmine’s average cost basis sits around $3,440 per ETH. With Ethereum trading near $1,733 as of June 21, the position is underwater by more than $9.5B.
The strategy: keep buying
Bitmine, chaired by Fundstrat’s Tom Lee, is not slowing down. The company’s total crypto and cash holdings stand at $10.7B, according to its latest disclosure. That includes 205 Bitcoin, a $180M stake in Beast Industries, a $104M stake in Eightco Holdings, and $601M in cash and marketable securities.
The ETH stash alone represents 4.7% of Ethereum’s total supply of 120.7 million tokens. That’s a concentration that would make most risk managers quietly update their resumes.
