BitMine Immersion Technologies added 51,162 ETH worth approximately $98 million to its treasury last week, even as Ethereum's price fell to a two-week low of $1,855. The publicly traded company now holds 4,422,659 ETH valued around $8.4 billion, representing about 3.66% of circulating supply.

Despite Ethereum's 61% decline from its August 2025 peak of $4,946 and a 35% drop in the past month, BitMine Chairman Tom Lee remains committed to accumulating the cryptocurrency. The firm's aggressive strategy has resulted in unrealized losses exceeding $8.1 billion, yet Lee predicts 2026 will be a "defining year" for Ethereum as it integrates further into traditional finance.

BitMine's stock (BMNR) has suffered alongside Ethereum, falling 32% this month and 63% over six months to trade at $19.58. Lee's continued accumulation during the downturn reflects his belief in Ethereum's long-term potential, particularly regarding AI agent integration and blockchain-based human verification systems. The company's digital asset treasury strategy, implemented last July, has seen its holdings balloon despite significant paper losses.