{"id":70742,"date":"2026-02-04T05:32:15","date_gmt":"2026-02-04T05:32:15","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=70742"},"modified":"2026-02-04T05:32:15","modified_gmt":"2026-02-04T05:32:15","slug":"bitmine-buys-more-eth-while-sitting-on-a-6b-paper-loss","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=70742","title":{"rendered":"BitMine Buys More ETH While Sitting on a $6B Paper Loss"},"content":{"rendered":"<div>\n<p>BitMine Immersion Technologies added more ethereum last week, even though its existing stash sits deep in the red. ETH slid to around $2,280 (-2.5%), well below the company\u2019s average entry price. This move lands as crypto markets wobble, with investors rushing to cash and gold.<\/p>\n<p>On paper, BitMine is down over $6 billion on its ETH position. That sounds reckless. Or it sounds like long-term conviction. The difference matters for your money.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: BitMine&#8217;s, <a href=\"https:\/\/twitter.com\/search?q=%24BMNR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$BMNR<\/a>, unrealized ETH losses rise to -$6.6 billion, now on track to become the 5th largest documented principal trading loss in history if sold.<\/p>\n<p>Unrealized losses are now at ~66% of the size of Archegos in 2021, the largest loss ever recorded. <a href=\"https:\/\/t.co\/JLHqMDLL1M\" rel=\"nofollow\" target=\"_blank\">pic.twitter.com\/JLHqMDLL1M<\/a><\/p>\n<p>\u2014 The Kobeissi Letter (@KobeissiLetter) <a href=\"https:\/\/twitter.com\/KobeissiLetter\/status\/2018251708833669137?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">February 2, 2026<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong>DISCOVER: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Best New Cryptocurrencies to Invest in 2026<\/a>\u00a0<\/strong><\/p>\n<h2>Why Would Bitmine Buy ETH While Losing Billions?<\/h2>\n<p>BitMine runs an Ethereum treasury strategy. Think of it like a company choosing to hold gold bars instead of dollars. In this case, the \u201cgold\u201d is ETH.<\/p>\n<p>Last week, BitMine picked up 41,788 ETH, pushing its total holdings above 4.2 million tokens. The firm started buying in June when ETH traded near $2,480. Today\u2019s price sits lower, which means every new buy averages down the cost.<\/p>\n<div class=\"chart crypto-chart-instance\" id=\"crypto_chart_6982d6815aec1\" data-coin-id=\"eth\">\n<div class=\"chart__header\">\n<div class=\"chart__info\">\n<div class=\"chart__info-icon\">\n\t\t\t\t<img id=\"crypto_chart_6982d6815aec1-chart__info-icon-img\"><\/p>\n<div class=\"chart__info-name\" id=\"crypto_chart_6982d6815aec1-chart__info-name\"><\/div>\n<div class=\"chart__info-symbol\" id=\"crypto_chart_6982d6815aec1-chart__info-symbol\"><\/div>\n<\/p><\/div>\n<div class=\"chart__info-current\">\n<div class=\"chart__info-price\" id=\"crypto_chart_6982d6815aec1-chart__info-price\"><\/div>\n<div class=\"chart__info-change\" id=\"crypto_chart_6982d6815aec1-chart__info-change\"><\/div>\n<\/p><\/div>\n<div class=\"chart__info-extra\">\n<div class=\"chart__info-label\">Market Cap<\/div>\n<div class=\"chart__info-marketcap\" id=\"crypto_chart_6982d6815aec1-chart__info-marketcap\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"chart__controls\">\n<div class=\"chart__controls-group\">\n\t\t\t\t<button class=\"chart__button chart__button--24h\" id=\"crypto_chart_6982d6815aec1-btn-24h\">24h<\/button><br \/>\n\t\t\t\t<button class=\"chart__button chart__button--7d\" id=\"crypto_chart_6982d6815aec1-btn-7d\">7d<\/button><br \/>\n\t\t\t\t<button class=\"chart__button chart__button--30d\" id=\"crypto_chart_6982d6815aec1-btn-30d\">30d<\/button><br \/>\n\t\t\t\t<button class=\"chart__button chart__button--1y\" id=\"crypto_chart_6982d6815aec1-btn-1y\">1y<\/button><br \/>\n\t\t\t\t<button class=\"chart__button chart__button--all-time\" id=\"crypto_chart_6982d6815aec1-btn-all-time\">All Time<\/button>\n\t\t\t<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"chart__container\">\n\t\t<canvas class=\"chart__canvas\" id=\"crypto_chart_6982d6815aec1-cryptoChart\"><\/canvas>\n\t<\/div>\n<\/div>\n<p>This mirrors what Michael Saylor did with Bitcoin years ago. Buy during pain. Hold through noise. Bet that the asset matters long term.<\/p>\n<h2>Ethereum\u2019s Price is Falling, But Usage Tells a Different Story<\/h2>\n<p>ETH has dropped by more than 18% over the past week. That feels like danger. Price drops hurt. Fast.<\/p>\n<p>But Tom Lee points to something most people miss. On-chain activity keeps climbing. That means more transactions and more active wallets. Think of it like a highway. Even if toll prices fall, traffic keeps growing.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-large wp-image-333895\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/photo_2026-02-04_02-18-37-1024x369.jpg\" alt=\"\" width=\"1024\" height=\"369\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/photo_2026-02-04_02-18-37-1024x369.jpg 1024w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/photo_2026-02-04_02-18-37-300x108.jpg 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/photo_2026-02-04_02-18-37-768x277.jpg 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/photo_2026-02-04_02-18-37-50x18.jpg 50w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/photo_2026-02-04_02-18-37.jpg 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"><\/p>\n<p>(Source: Number of Active Addresses on the Ethereum Network \/ <a class=\"general-link\" href=\"https:\/\/www.theblock.co\/data\/on-chain-metrics\/ethereum\/number-of-active-addresses-on-the-ethereum-network-7dma\" target=\"_blank\" rel=\"nofollow noopener\">The Block<\/a>)<\/p>\n<p>During past crypto winters, usage dried up. This time, it hasn\u2019t. That\u2019s why BitMine frames the dip as a reset, not a collapse.<\/p>\n<p>We covered the <a href=\"https:\/\/99bitcoins.com\/news\/altcoins\/ethereum-price-2200-support-risk\/\">Ethereum price decline<\/a> earlier this month, and the same tension remains. Weak price. Strong usage.<\/p>\n<p><strong>DISCOVER: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-crypto-to-buy\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Top 20 Crypto to Buy in 2026<\/a><\/strong><\/p>\n<h2>What this means for everyday investors watching ETH<\/h2>\n<p>BitMine\u2019s bet sends a signal. Some institutions still see ETH as core financial plumbing, not a meme trade. Smart contracts, stablecoins, and DeFi apps still run on it.<\/p>\n<p>That does not mean the price will rebound tomorrow. Bitcoin just dipped below $74,000, dragging the market with it. Risk-off behavior rules right now.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-333896\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/eth-chart-1024x688.png\" alt=\"\" width=\"1024\" height=\"688\" srcset=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/eth-chart-1024x688.png 1024w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/eth-chart-300x201.png 300w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/eth-chart-768x516.png 768w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/eth-chart-1536x1031.png 1536w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/eth-chart-50x34.png 50w, https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/02\/eth-chart.png 1762w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/p>\n<p>(Source: ETHUSD \/ <a class=\"general-link\" href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView<\/a>)<\/p>\n<p>If you\u2019re new, here\u2019s the translation. Big players\u2019 buying does not cancel volatility. It only shows the time horizon. BitMine can wait years. Can you?<\/p>\n<p><strong>DISCOVER: <a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-solana-meme-coins\/\" target=\"_blank\" rel=\"nofollow noopener sponsored\">Top Solana Meme Coins to Buy in 2026\u00a0<\/a><\/strong><\/p>\n<p><strong>Follow <a class=\"general-link\" href=\"https:\/\/x.com\/99BitcoinsHQ\" target=\"_blank\" rel=\"nofollow noopener\">99Bitcoins on X<\/a> For the Latest Market Updates and <a class=\"general-link\" href=\"https:\/\/www.youtube.com\/@99bitcoins\" target=\"_blank\" rel=\"nofollow noopener\">Subscribe on YouTube<\/a> For Daily Expert Market Analysis<\/strong><\/p>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/altcoins\/bitmine-buys-eth-underwater\/\">BitMine Buys More ETH While Sitting on a $6B Paper Loss<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BitMine Immersion Technologies added more ethereum last week, even though its existing stash sits deep in the red. ETH slid to around $2,280 (-2.5%), well below the company\u2019s average entry price. This move lands as crypto markets wobble, with investors rushing to cash and gold. On paper, BitMine is down over $6 billion on its [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-70742","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/70742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=70742"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/70742\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=70742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=70742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=70742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}