Bitmine Spends $92M on More ETH, Sitting on Over $9.5B in Unrealized Losses
Bitmine Immersion Technologies boosted its Ethereum holdings again last week, buying 52,203 ETH for about $92 million. The company now controls 5,672,956 ETH, valued near $10 billion at current market prices.
The position is deeply underwater. Bitmine's average acquisition cost is roughly $3,440 per ETH. With Ethereum around $1,733 as of June 21, the gap implies unrealized losses exceeding $9.5 billion.
Despite the drawdown, the company's accumulation strategy remains intact. Bitmine, chaired by Fundstrat's Tom Lee, reported total crypto and cash holdings of $10.7 billion in its latest disclosure. The tally includes 205 Bitcoin, a $180 million stake in Beast Industries, a $104 million stake in Eightco Holdings, and $601 million in cash and marketable securities.
Bitmine's ETH position alone accounts for about 4.7% of Ethereum's estimated total supply of 120.7 million tokens, a concentration large enough to draw attention from market participants focused on liquidity and risk.
"The best years for crypto remain ahead, in our view. Tokenization and the rapid progress in AI are expected to drive exponential demand growth for blockchain and decentralized crypto," Lee said.
Funding the accumulation
To finance continued purchases, Bitmine tapped the equity markets. On June 10, the company completed an offering of 3.5 million shares of 9.50% Series A Perpetual Preferred Stock priced at $80 per share. Net proceeds totaled about $273.8 million after underwriting costs.
The preferred shares trade on the NYSE under the ticker BMNP and pay dividends weekly. The dividend obligation is fixed regardless of ETH's price, adding a financing cost to an asset currently trading roughly 50% below Bitmine's average entry.
Bitmine was also named to the Fortune 100 Crypto List on June 11. Fortune said the ranking draws on data analysis from Inca Digital and a survey of crypto experts.
What investors are watching
Bitmine effectively represents a leveraged Ethereum thesis packaged inside a public company. A sharp ETH recovery would amplify upside, while a prolonged slump leaves the firm servicing preferred dividends against a depreciating crypto treasury.
The company's 4.7% share of supply is a key metric. Holdings of that scale can influence market dynamics, and any forced selling tied to margin pressure, dividend funding needs, or shareholder demands could become a meaningful factor for ETH pricing. For traders tracking Ethereum's next move, Bitmine has become one of the largest single variables to monitor.
