Tom Lee's BitMine Immersion added 41,000 ether as paper losses rise to $6 billion
BitMine Immersion bought 41,788 ETH last week despite falling prices, increasing its total holdings while facing $6 billion in unrealized losses.Summary
BitMine Immersion Technologies (BMNR), led by Chairman Thomas Lee, continued its weekly Ethereum (ETH) purchasing streak by acquiring 41,788 ETH last week, valued at about $96 million, despite a sharp crypto sell-off that pushed its stock to 7-month lows. This purchase increased BitMine's total ETH holdings to 4,285,125 tokens, representing about 3.55% of Ethereum's circulating supply. Due to the price drop, the firm's unrealized losses on its crypto position are estimated to be around $6 billion, bringing its total holdings value down to $10.7 billion. Lee noted that this price weakness contrasts with record highs in Ethereum blockchain activity, such as daily transactions and active addresses, which declined during previous bear markets. BitMine has also increased its staked ETH to nearly 2.9 million tokens, aiming to generate an estimated $188 million in annualized staking revenue.
(Source：CoinDesk)