BitMine Expands Ethereum Holdings by $43 Million Amid Market Declines
BitMine Immersion Technologies adds $43 million in Ethereum to its balance sheet while halting Bitcoin purchases. The firm now holds over 5.7 million ETH worth approximately $9 billion, despite challenges in the cryptocurrency market as reported by Decrypt.
BitMine Immersion Technologies, led by Chairman Tom Lee, has added nearly $43 million to its Ethereum reserve last week. This expansion comes at a time when leading Bitcoin treasury firm Strategy chose not to increase its Bitcoin holdings. Currently, BitMine possesses more than 5.7 million ETH, valued at around $9 billion, and about 206 Bitcoin, translating to $12.3 million.
Despite declining prices in the cryptocurrency sector, BitMine maintains a consistent purchasing strategy. Last week, Ethereum faced an 8% drop in price, which compounded existing investor challenges. However, significant advancements for the Ethereum ecosystem like the formation of Ethlabs—a new nonprofit research and development lab focusing on Ethereum’s future—suggest ongoing positive developments. In a statement, Tom Lee noted these initiatives and the shifting stance of the Bank of England towards stablecoins as potential positive indicators for the market.
Lee emphasized that BitMine will continue to focus on long-term strategies, despite recent market fluctuations. "We are nearing quarter-end for June, and it is not surprising to see 'window dressing' leading to investors reducing their holdings in assets which have fallen in the past three months," he explained. This month, Ethereum has dropped 22% and trades at approximately $1,567, while Bitcoin is down 19% over the same period but sits higher in total value at $59,324.
As both Ethereum and Bitcoin trending down, BitMine's stock (BMNR) is also feeling the impact, having decreased nearly 17% in the last five trading days and over 31% in the past month, now priced at around $13.21.
Summary based on original reporting by Logan Hitchcock at Decrypt, originally published Jun 29, 2026. SolanaWire does not republish source content.
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