BitMine acquires 101,000 ETH despite $6.5B in unrealized losses
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The crypto treasury company continues to buy Ether and earn staking rewards, even as price swings leave billions in unrealized losses on its balance sheet.
BitMine Immersion Technologies, the Ether treasury company backed by Fundstrat’s Tom Lee, has expanded its ETH holdings for the second time in as many weeks, even as large unrealized losses underscore the strategy’s risks.
The company said Monday it purchased an additional 101,901 Ether last week, bringing its total holdings to roughly 5.08 million ETH. Its combined crypto and cash reserves now stand at about $13.3 billion.
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