BitMine Immersion Technologies, led by Chairman Tom Lee, added approximately $146 million worth of ETH last week, continuing its aggressive accumulation. Meanwhile, the major Bitcoin treasury firm Strategy paused its weekly Bitcoin purchases, a typical move for the final week of a fiscal quarter. Both companies hold billions of dollars in crypto assets but face substantial unrealized losses on their investments as market prices remain below all-time highs.
BitMine Immersion Technologies acquired 71,179 ETH last week, worth around $146 million. This purchase brought its total holdings to 4,732,082 ETH, valued at approximately $9.7 billion.
The firm also holds 197 Bitcoin and $961 million in cash. Chairman Tom Lee stated “As the Iran war enters its 5th week, ETH and crypto outperformed the broader market.”
Lee highlighted that Ethereum has gained about 8% in the past month while gold fell nearly 13%. Major stock indices like the Dow Jones and S&P 500 have each dropped more than 7%.
“The inverse correlation of crypto (and equities) to oil has been increasing and is at the highest levels in the past year,” Lee said. He believes the crypto market is in the final stages of a “mini crypto winter.”
Conversely, Strategy halted its routine weekly Bitcoin purchases. The firm has historically paused buys during the week concluding fiscal quarters, continuing that trend.
Since 2020, Strategy has accumulated 762,099 BTC, worth about $51.2 billion. Despite their large holdings, both companies are facing significant paper losses on their crypto investments.
According to data from Artemis Analytics, BitMine’s unrealized loss on Ethereum exceeds $7 billion. Data from SaylorTracker shows Strategy’s Bitcoin losses are around $6.2 billion.
Their stock prices have fallen over 60% in six months, mirroring the decline in crypto asset prices. Bitcoin and Ethereum remain 46% and 58% below their respective all-time highs.
