BitMine Immersion Technologies (NYSE:BMNR) is sitting on over $6 billion in paper losses after Ethereum (CRYPTO: ETH) crashed from $3,000 to $2,300, yet chairman Tom Lee added 41,788 ETH last week at an average price of $2,317.

The Underwater Position

BitMine now holds 4.285 million ETH—representing 3.55% of total Ethereum supply—worth approximately $9.6 billion at current prices. 

The position peaked at nearly $14 billion in October before the recent selloff.

Lee’s Conviction Despite Losses

Tom Lee defended the accumulation strategy on CNBC, pointing to strengthening Ethereum fundamentals despite price weakness.

Network activity hit all-time highs. Ethereum daily transactions reached…

Read more on Benzinga