Contrarian Play: BitMine Adds 102,000 ETH While Market Sentiment Weakens
BitMine Immersion Technology (BMNR), the largest publicly-traded Ethereum treasury company, has continued to expand its exposure to ETH, adding more than $300 million worth of the cryptocurrency despite a challenging market backdrop that has pushed many digital asset treasuries to slow or reverse accumulation.
The company disclosed on Monday that it acquired an additional 102,259 ETH through last week, spending roughly $320 million at recent prices.
The latest purchases bring BitMine’s total ETH holdings to nearly 4 million tokens, reinforcing its long-stated ambition to control as much as 5% of Ethereum’s total supply.
At current market prices, the firm’s ETH position alone represents one of the largest single corporate holdings of the altcoin globally, placing BitMine alongside Bitcoin-focused Strategy (MSTR) as a rare example of a publicly traded company continuing aggressive crypto accumulation through a prolonged correction.
Ether Hoard Grows as Cash Position Holds
Despite the scale of the recent purchases, BitMine said it maintained a steady cash balance of approximately $1 billion. Including its ETH holdings, a smaller Bitcoin position, and its equity stake in Worldcoin-focused digital asset treasury Eightco (ORBS), the company reported total holdings valued at about $13.2 billion.
The continued buying spree comes at a time when many digital asset treasury strategies have come under pressure. Falling token prices, tighter financial conditions, and weaker equity market sentiment toward crypto-linked stocks have prompted several firms to pause or unwind positions accumulated during earlier bull markets.
BitMine, however, has taken the opposite approach, using the downturn to add to its core Ethereum exposure. The strategy mirrors that of Strategy, which has consistently added Bitcoin during periods of market stress, arguing that long-term conviction outweighs near-term volatility.
Unrealized Losses Mount Amid Price Decline
The aggressive accumulation has not been without cost. Ethereum remains well below its recent highs, trading roughly 36% under its August record peak. As a result, BitMine is estimated to be sitting on approximately $3 billion in unrealized losses across its ETH holdings.
BitMine’s ETH holdings (Source: Dropstab)
Those paper losses shed light on the risks embedded in concentrated digital asset treasury strategies, particularly when tied to a single token. Still, BitMine’s leadership has framed the drawdown as a temporary setback rather than a strategic failure.
Chairman Thomas Lee, who is also the founder of analytics firm Fundstrat, said the company remains confident in its long-term thesis for Ethereum and the broader crypto market.
Regulatory Momentum Fuels Long-Term Conviction
According to Lee, 2025 has delivered a more constructive policy and regulatory environment for digital assets, strengthening BitMine’s resolve to continue accumulating ether even during periods of price weakness.
“2025 saw many positive developments in digital assets,” Lee said, pointing to supportive legislation passed by the U.S. Congress, a clearer regulatory framework, and what he described as growing acceptance from Wall Street institutions.
“These strengthen our conviction that the best days for crypto are ahead and why we continue to accumulate ETH towards our ‘alchemy of 5%’ target,” he added.
Ethereum’s expanding role as the backbone for decentralized finance, tokenization, and on-chain settlement has been central to BitMine’s strategy. The company has consistently argued that ETH represents a productive, yield-bearing asset within a maturing blockchain economy, particularly as staking and institutional infrastructure continue to evolve.
A Contrarian Bet in a Cautious Market
BitMine’s persistence stands out in a market where caution has become the dominant posture. With valuations compressed and investor sentiment fragile, few companies have been willing to double down on large-scale crypto exposure.
Whether BitMine’s contrarian approach ultimately pays off will depend largely on Ethereum’s ability to reclaim momentum and on the durability of the regulatory and institutional tailwinds its leadership expects.
For now, the company appears willing to absorb significant short-term volatility in pursuit of what it sees as a strategically scarce position in one of the crypto market’s foundational assets.
