# Tom Lee's BitMine Buys More ETH Amid Record-Breaking Unrealized Losses

*Author: Jack Inabinet*
*Published: Feb 2, 2026*
*Source: https://www.bankless.com/read/news/tom-lees-bitmine-buys-more-eth-amid-record-breaking-unrealized-losses*

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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](https://x.com/BitMNR/status/2018316966134439973?s=20) 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](https://x.com/fundstrat/status/2018316763180495212?s=20) 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](https://twitter.com/search?q=%24BMNR&src=ctag&ref_src=twsrc%5Etfw), unrealized ETH losses rise to -$6.6 billion, now on track to become the 5th largest documented principal trading loss in history if sold.Unrealized losses are now at ~66% of the size of Archegos in 2021, the largest loss ever recorded. [pic.twitter.com/JLHqMDLL1M](https://t.co/JLHqMDLL1M)— The Kobeissi Letter (@KobeissiLetter) [February 2, 2026](https://twitter.com/KobeissiLetter/status/2018251708833669137?ref_src=twsrc%5Etfw)