BitMine Immersion Technologies, the world’s largest Ethereum treasury company, announced on Monday that it acquired 54,156 ETH last week, increasing its total Ethereum holdings to 3.56 million ETH. This acquisition, though its smallest since July, pushes the firm’s total assets to $11.8 billion, including 192 BTC and $607 million in cash. The company also reduced its stake in Worldcoin treasury Eightco Holdings to $37 million (from $61 million).
Market Downtrend and ‘Crypto QT’
The accumulation comes amid a sustained decline in the crypto market, which has seen Ethereum pressured near the $3,000 level and US spot Ethereum ETFs record $728.5 million in net outflows last week—their third largest on record.
BitMine’s Chairman, Thomas Lee, attributed the market weakness to a “quantitative tightening” (QT) effect caused by a key market maker suffering a “hole” on their balance sheet and reducing liquidity functions. Lee noted that this effect, similar to one seen in 2022 that lasted 6-8 weeks, is likely dampening prices today.
Unrealized Loss and Long-Term View
Despite the firm’s active accumulation, data compiled by a CryptoQuant contributor suggests BitMine is currently sitting on an estimated unrealized loss of about $3 billion on its ETH purchases since launch—a figure exceeding MicroStrategy’s peak bear market unrealized loss of $1.9 billion.
Notwithstanding the losses, Chairman Lee remains bullish on the long term, stating that crypto prices have not yet peaked for the cycle, which he projects is still 12-36 months away.
November 2025, Cryptoniteuae
