BitMine Immersion Technologies $BMNR ( ▼ 9.16% ) added another 41,788 ETH last week, continuing its aggressive treasury strategy even as the token trades below the firm’s average entry levels. Ethereum’s pullback has pushed the company’s multibillion dollar position into the red, with prices now well under where they were when BitMine launched the strategy in June.
Management is framing the drawdown as a temporary reset rather than a fundamental break. CEO Tom Lee argues ETH’s market price is disconnected from network utility, pointing to rising daily transactions and active addresses as signs adoption is still growing. That contrasts with prior crypto downturns, when on-chain activity fell alongside prices.
Supporters of the long-term thesis say volatility is the cost of early positioning in foundational crypto infrastructure. But the bet is undeniably high conviction: BitMine is effectively treating Ethereum like a strategic reserve asset, choosing to accumulate into weakness rather than wait for clearer price stabilization.