Here’s the uncomfortable truth most investors don’t like to admit: the biggest convictions usually show up when prices look ugly.
That’s exactly where BitMine Immersion Technology is right now.
Last week, the company quietly added 102,259 ETH to its balance sheet. At today’s prices, that’s roughly $320 million. No hype. No celebration. Just more buying.
ETH is bottoming here at $3,000
— borovik (@3orovik) December 15, 2025
Tom Lee and Bitmine continue to load up
2026 will be the year we see $10,000 ETH pic.twitter.com/YgoFYi5aOc
This single move pushed BitMine’s total Ethereum holdings close to 4 million ETH, making it the largest Ethereum treasury holder on the planet. And they’re not stopping there. The end goal is bold—own 5% of Ethereum’s total supply.
Here’s where it gets interesting.
Ethereum is still trading about 36% below its August all-time high. Because of that, BitMine is estimated to be sitting on nearly $3 billion in unrealized losses. On paper, that looks painful. For most companies, it would be a red flag.
But BitMine isn’t blinking.
While many digital asset treasuries slowed down or reversed course as prices and equity markets cooled, BitMine kept buying. Only a few players—like bitcoin-heavy Strategy—did the same. Everyone else hit the brakes.
Despite the drawdown, BitMine’s balance sheet remains aggressive but controlled. The company still holds around $1 billion in cash. Its total asset value, including ETH, a small bitcoin position, and a stake in Worldcoin-focused Eightco, now stands at about $13.2 billion.
So why keep stacking ETH when the losses are this visible?
Chairman Thomas Lee, founder of Fundstrat, believes the answer isn’t in today’s charts. It’s in the direction of the market.
According to Lee, 2025 quietly flipped the script for crypto. US lawmakers passed more constructive legislation. Regulators softened their tone. And Wall Street didn’t just tolerate crypto—it leaned in.
Those shifts matter.
They suggest crypto is moving out of its experimental phase and into something more durable. More regulated. More accepted. And, eventually, more valuable.
That’s why Lee says BitMine continues to accumulate ETH despite short-term pain. In his view, the long-term setup is improving, not deteriorating.
“The best days for crypto are ahead,” he said, pointing to what he sees as a stronger foundation for the industry than ever before.
BitMine’s strategy isn’t about catching the bottom. It’s about owning size before the next cycle begins.
High risk? Absolutely.
But if Ethereum’s next leg up plays out the way Lee expects, this period of discomfort could end up looking like the smartest buying window of the decade.
