Investor attention is turning to large on-chain treasuries as bitmine eth holdings expand sharply despite deep unrealized losses in the current market phase.
Summary
BitMine ramps up Ethereum buying in 2026
BitMine Immersion Technologies (BMNR) sharply increased its ether purchases last week, acquiring 60,976 ETH as it leaned into the latest market pullback. The move underscores the companys conviction in the long-term outlook for Ethereum even as prices remain under pressure.
The latest buying spree lifted the companys stash to more than 4.5 million ETH, valued at over $9 billion at current market levels. According to the firms Monday update, this was BitMines largest weekly purchase in token terms so far in 2026, signaling a more aggressive accumulation stance.
Deep unrealized losses but higher conviction
Despite the growing pile of ether, BitMine sits on sizeable unrealized losses. Data from DropsTab shows the firms estimated paper loss on its Ethereum position is around $7.8 billion. However, management appears undeterred by the drawdown and continues to build exposure.
Chairman Thomas Lee said the company boosted weekly buying from a recent pace of roughly 45,000 to 50,000 ETH as market signals started to point toward a potential bottom. That said, he acknowledged that timing the exact turning point is impossible, even for a leading ethereum treasury firm.
Reading the ‘mini winter’ in crypto markets
Lee described the current environment as a “mini-crypto winter”, arguing that prices may be in their late or final stages of the downturn. Moreover, he stressed that there is rarely a clear signal when a bear phase ends, echoing the old market saying that “nobody rings the bell at the bottom.”
In line with that view, Lee said BitMine Immersion Technologies plans to maintain a disciplined eth accumulation strategy rather than attempt short-term market timing. The firm therefore decided to “slightly increase” its pace of ether purchases, believing this approach offers a better risk-reward profile over the long term.
Staking revenues support the long-term thesis
BitMine is also leveraging its large ether balance to generate ongoing income. The company said it currently earns about $174 million in annual revenue by staking more than 3 million ETH from its holdings. However, that figure could rise substantially as it deploys the remainder of its tokens into staking.
According to BitMine, projected eth staking revenue could reach around $259 million annually once all its tokens are locked to earn a yield. This staking revenue projection provides a significant income stream to offset unrealized losses position and may help support the balance sheet during extended weak price periods.
Overall, BitMine Immersion Technologies is doubling down on its role as a major Ethereum treasury player, expanding its exposure while harnessing staking income. While market conditions remain challenging, the companys latest bitmine weekly purchase suggests it is positioning for a recovery beyond the current crypto mini winter.
