BitMine Adds 76,881 ETH to Its Holdings, Bringing Total to 5.62 Million Tokens

BitMine Immersion Technologies continued to expand its Ether holdings last week by purchasing 76,881 ETH at an average price of $1,718. This latest purchase brought the company's total holdings to 5,620,754 ETH, making it one of the largest corporate holders of the asset and one of the clearest examples of the crypto treasury model being tested by a bear market.

The buying came during a volatile week in which Ether briefly fell below $1,600, giving BitMine a chance to reduce its average cost basis while continuing a strategy that has remained active regardless of short-term price action. At current prices, BitMine's Ether portfolio is worth roughly $10.2 billion.

The company is still sitting on a large unrealized loss of nearly $9 billion, based on market data. To mitigate this risk, BitMine has staked more than 4.1 million ETH, worth roughly $8.1 billion at current prices, which allows it to earn protocol rewards by helping secure the Ethereum network.