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BitMine – the largest ETH-centric digital asset treasury company helmed by notorious investment media talking head Tom Lee – is continuing to buy ETH despite downtrodden market conditions and record-breaking unrealized losses.
What's the Scoop?
- Latest Buy: BitMine purchased another ~42k ETH ($96M) last week, bringing its total holdings to above 3.5% of Ethereum's circulating supply. According to BitMine Chair Tom Lee, ETH price is poised for a near-term bounce because the number of onchain L1 transaction has increased in 2026, and price can be expected to follow.
- Steep Losses: At current valuations, BitMine's investment portfolio is worth $10.7B and more than 90% concentrated in ETH. With an estimated cost basis of approximately $4k per ETH, this weekend's sell-off caused the portflio's embedded losses to swell above $6.6B, which would rank as the fifth largest documented trading loss if realized. The DATco has incinerated nearly half of all investor capital after loading up on ETH at multi-year highs last year.
BREAKING: BitMine's, $BMNR, unrealized ETH losses rise to -$6.6 billion, now on track to become the 5th largest documented principal trading loss in history if sold.
— The Kobeissi Letter (@KobeissiLetter) February 2, 2026
Unrealized losses are now at ~66% of the size of Archegos in 2021, the largest loss ever recorded. pic.twitter.com/JLHqMDLL1M
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