Bitmine has purchased an additional $92 million worth of Ethereum, the mining firm said Monday. The buy comes as the company already carries a significant unrealized loss on its existing ETH holdings — a bet that hasn't paid off yet, but that Bitmine keeps pressing.
The $92 million buy
The purchase, dated June 22, 2026, adds to a position that already cost Bitmine dearly on paper. Most crypto miners sell their rewards to cover operating costs. Bitmine, which mines both Bitcoin and Ethereum, is doing the opposite with ETH — buying more while the market is down. The company didn't disclose the exact size of its total ETH stack or the price it paid, but $92 million is a meaningful addition for any miner.
The weight of the loss
Bitmine's earlier Ethereum purchases are sitting on unrealized losses. The company described the loss as significant, meaning its average entry price on those older coins is above where ETH trades today. That kind of paper loss would make most firms cautious. Bitmine is instead adding to the position, a move that signals conviction — or a willingness to average down.
The company now holds a much larger pile of ETH, for better or worse. The exact size of the unrealized loss hasn't been made public, but it's large enough that Bitmine flagged it in its latest update.
Whether Bitmine will continue to buy, hold, or eventually sell remains an open question. No decision has been announced. For now, the firm is leaning into Ethereum, gambling that the market will turn and turn its paper losses into gains.
