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ETH Tom Lee's Bitmine Immersion Technologies continued to increase its holdings in Ethereum last week, further expanding its holdings as the cryptocurrency made a significant breakthrough after a long downturn. The company disclosed on Monday that it purchased 32,447 ETH units last week, bringing its total position to 5,847,611 ETH units, or approximately 4.8% of Ethereum's circulating supply. Since the launch of the Ethereum treasury strategy on June 30, 2025, Bitmine has continued to buy ETH every week, and this purchase record has lasted for about 14 months.
The company's New York Stock Exchange-listed shares opened up about 8.7% this week and are expected to continue the nearly 28% gain of the past six months. Bitmine is 97% short of its target of holding 5% of Ethereum supply. In addition, it also pledged 5.07 million ETH, accounting for approximately 87% of its total positions, and disclosed that its total cryptocurrency, cash, securities and other investments amounted to US$14.9 billion.
The latest purchase coincides with a sharp rise in Ethereum and the entire cryptocurrency market. Since the U.S. Treasury Department announced last Wednesday that it plans to double its monthly purchases of certain long-term U.S. Treasury bonds from $2 billion to $4 billion starting next month, ETH has outperformed Bitcoin. According to market data, ETH has increased by more than 32% since the announcement, exceeding US$2500 for the first time since January.
The rebound in Ethereum prices narrowed Bitmine's book losses. During the market downturn, Bitmine aggressively purchased Ethereum, causing it to face huge unrealized losses due to the continued decline in ETH prices. However, the recent recovery of cryptocurrencies has significantly narrowed this loss. According to data, Bitmine has invested more than $19.5 billion in its Ethereum treasury, and its book loss has dropped to less than $5 billion from more than $8.4 billion about a week ago.
Bitmine's unrealized losses on ETH positions narrowed as the market recovered. The sharp price volatility highlights the challenge of managing the treasury of digital assets, whose valuations can fluctuate significantly as market conditions change.
