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ETH What you need to know
Ethereum rebounded 20%, exceeding US$2200 per piece, increasing the value of BitMine's 5.815 million ETH portfolio by US$2.2 billion.
As BitMine's average Ethereum bid price is still as high as US$3,357.63, the company still holds unrealized losses of US$6.09 billion.
Tom Lee believes that Ethereum can provide programmable financial infrastructure that supports the large-scale use of artificial intelligence, robotics, automated transactions and decentralized applications.
BitMine Immersion Technologies increased the value of its Ethereum portfolio by US$2.2 billion as the Ethereum price exceeded US$2200 and the overall market rebounded.
According to data from CryptoQuant analyst Maartunn, Ethereum's 20% increase increased the value of BitMine's position from approximately US$11 billion to US$13.2 billion.
The company holds 5.815 million ETH units, accounting for approximately 4.8% of Ethereum's total circulating supply. Therefore, large fluctuations in the price of Ethereum will significantly change the value of BitMine's cryptocurrency reserves.
BitMine has continued to accumulate ETH over the past year or so, making Ethereum the core of its company's financial strategy. In addition, the company has pledged about 87% of its positions rather than idle them completely. Its pledge business generates approximately US$250 million in revenue every year, providing additional returns to surpass market price fluctuations in Ethereum.
Crazy Ethereum Trends
The 20% increase in ETH increased the value of BitMine (@fundstrat)'s ETH position from US$11 billion to US$13.2 billion. The value of the investment portfolio increased by $2.2 billion. -- Maartunn (@JA_Maartun) August 20, 2026
BitMine's US$2.2 billion appreciation is still backed by huge unrealized losses
Despite a US$2.2 billion increase in valuation, BitMine's Ethereum investment is still well below its reported total acquisition costs. DropsTab data shows that the company's investment portfolio has unrealized losses of approximately $6.09 billion, or approximately 31.25% of invested capital.
BitMine has invested approximately US$19.49 billion to open positions, with an average bid price of US$3,357.63 per ETH. So even if Ethereum breaks through $2200 after a 20% rebound, its price is still well below BitMine's average buying level.
While the management insisted on the strategy of accumulating and pledging a large amount of Ethereum, it also carried out a repurchase of the company's shares. At the same time, BitMine Chairman Tom Lee believes that Ethereum's expanding practicality is an important part of the company's long-term investment philosophy.
Li specifically pointed out that the exchange rate of Ethereum to Bitcoin exceeded 0.02994, marking a meaningful change in the relationship between the two cryptocurrencies. He believes that institutional investors are increasingly recognizing the practical applications of Ethereum, rather than just viewing it as a speculative cryptocurrency.
In addition, Li expects artificial intelligence and robotics to increase the need for programmable infrastructure capable of processing automated transactions. His argument places Ethereum smart contracts among the technologies that could provide settlement infrastructure for artificial intelligence agents and autonomous digital systems.
Therefore, Li believes Ethereum is an important downstream artificial intelligence investment because a machine-driven economy may require blockchain-based financial infrastructure. Fundstrat's broader argument also distinguishes Ethereum's potential role from Bitcoin's positioning in institutional portfolios. Under this framework, Bitcoin operates primarily as digital gold, while Ethereum provides a programmable infrastructure for transactions and decentralized applications.
Conclusion
Ethereum price exceeded US$2200, increasing the valuation of BitMine's 5.815 million ETH positions by US$2.2 billion. However, based on the company's reported acquisition costs, its Ethereum portfolio still faces billions of dollars in unrealized losses.
