Ether treasury company BitMine Immersion Technologies significantly increased its ETH holdings during last week’s market correction, signaling continued conviction in its long-term strategy despite mounting unrealized losses.
The company disclosed Monday that it acquired 40,613 Ether (ETH) last week, lifting its total holdings to more than 4.326 million ETH, worth about $8.8 billion at current prices.
Despite the accumulation, BitMine is currently deeply underwater on its Ether position, according to DropsTab data.
A significant portion of its holdings, 2,873,459 ETH, is staked on the Ethereum network. Staked ETH is locked to help secure the blockchain, and in return earns staking rewards paid in additional Ether, providing the company with a yield-based revenue stream.
The company said Monday that the value of its crypto, total cash holdings and "moonshots" is $10.0 billion. It ended the November 2025 quarter with digital assets valued at $10.6 billion, according to a filing.
Although BitMine’s treasury strategy has drawn criticism, the company continues to generate operating cash flow from Ethereum staking rewards and from its legacy immersion-cooled data center operations, which provide infrastructure services for high-performance computing.
BitMine chairman Tom Lee, co-founder and chief investment officer of Fundstrat Global Advisors, has defended the strategy, arguing that the company is structurally designed to track the price of Ether. As a result, its portfolio and equity performances are expected to deteriorate during broader market downturns and recover alongside ETH price rebounds.
That volatility has been reflected in BitMine’s stock. Shares are down more than 31% over the past month and about 60% over the past six months.
Related: Crypto’s stress test hits balance sheets as Bitcoin, Ether collapse
Liquidations surge, but Ether treasury companies resist selling
Ether’s price, along with the broader crypto market, has been battered by heavy liquidations since an October flash crash triggered about $19 billion in forced sell-offs. Prices have remained in a sustained downtrend since then, with selling pressure intensifying in multiple waves through November and again in late January.
As Cointelegraph previously reported, the prolonged market stress prompted Ether-focused investment company Trend Research to significantly reduce its ETH exposure as part of a broader risk-management strategy.
Even so, most Ether treasury companies have so far resisted selling into weakness. Industry data shows that while no company other than BitMine Immersion Technologies has added Ether over the past 30 days, the more than two dozen firms holding ETH on their balance sheets have largely maintained their positions.
The lone exception was Quantum Solutions, which offloaded about 600 ETH over the same period, according to CoinGecko.
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