BitMine Immersion Technologies acquired 15,112 Ethereum tokens worth $41 million on Wednesday, expanding its position as the largest corporate ETH holder even as the company sits on a substantial unrealized loss.
The purchase follows last week's 53,501 ETH buy for roughly $131 million—a move that undercut recent market chatter about a potential pause in the company's accumulation strategy. Chair Tom Lee has signaled continued confidence in Ethereum through the third quarter.
BitMine paid $19.1 billion for its total ETH hoard, which was valued at $10.9 billion as of May 31—an $8.2 billion underwater position. The delta underscores both the volatility of large-scale crypto treasury management and the long-term conviction required to sustain institutional buying at scale.
On-chain data confirms the $41 million ETH inflow into BitMine's wallets. This consistent institutional bid—paired with the company's 20.8 million share buybacks since July—demonstrates a deliberate capital allocation strategy across both digital and equity positions.
Ethereum traded at $2,711, up 0.6 percent over 24 hours. Bitcoin was at $85,885, up 0.9 percent, reflecting broader market steadiness.
