Bitmine Immersion Technologies, led by Tom Li, continued to accumulate ether last week, increasing its reserves amid a sharp rally in the cryptocurrency following an extended downturn.
On Monday, the company announced the purchase of 32,447 $ETH last week. Its total assets now reach 5,847,611 $ETH — approximately 4.8% of Ethereum's circulating supply. Bitmine has bought $ETH every week since launching its Ethereum treasury reserve strategy on June 30, 2025. This buying spree has now lasted for about 14 months.
The company's shares on the NYSE rose roughly 8.7% at the start of the week, bringing gains over the past six months to nearly 28%.
Bitmine is 97% of the way toward its stated goal of owning 5% of the $ETH supply. The company has also staked 5.07 million $ETH — about 87% of its assets — and reported a total portfolio of cryptocurrencies, cash, securities, and other investments worth $14.9 billion.
The latest purchase coincided with a sharp rally in ether and the broader crypto market. $ETH has been outperforming Bitcoin since last Wednesday, when the U.S. Treasury Department announced plans to double its monthly purchases of certain long-term U.S. Treasury bonds — from $2 billion to $4 billion — starting next month.
According to CoinMarketCap, since the announcement, ether has surged more than 32% and risen above $2,500 for the first time since January.
Related: Crypto Biz: Treasury's 'Non-QE' Strategy Sends Bitcoin Soaring
Ether Price Recovery Cuts Bitmine's Paper Losses
Bitmine's aggressive ether purchases during the market downturn led to significant unrealized losses as the price of $ETH continued to fall. The recent cryptocurrency recovery has substantially reduced this deficit.
According to DropsTab, Bitmine has invested over $19.5 billion in its ether treasury reserves. The company's paper losses have now narrowed to less than $5 billion, compared to more than $8.4 billion roughly a week ago.
Bitmine's unrealized losses on $ETH assets have narrowed amid the market recovery. Source: DropsTab
The sharp fluctuations highlight the challenges of managing digital asset treasury reserves, as their value can change significantly along with market conditions.
Related: Ethereum Foundation Warns Some Tools May Break After Glamsterdam Upgrade
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