News

Tom Lee's BitMine Buys More ETH Amid Record-Breaking Unrealized Losses

BitMine is sitting on over $6B in unrealized trading losses.

Feb 2, 2026 • 1 min read

BitMine – the largest ETH-centric digital asset treasury company helmed by notorious investment media talking head Tom Lee – is continuing to buy ETH despite downtrodden market conditions and record-breaking unrealized losses.

What's the Scoop?

Latest Buy: BitMine purchased another ~42k ETH ($96M) last week, bringing its total holdings to above 3.5% of Ethereum's circulating supply. According to BitMine Chair Tom Lee, ETH price is poised for a near-term bounce because the number of onchain L1 transaction has increased in 2026, and price can be expected to follow.
Steep Losses: At current valuations, BitMine's investment portfolio is worth $10.7B and more than 90% concentrated in ETH. With an estimated cost basis of approximately $4k per ETH, this weekend's sell-off caused the portflio's embedded losses to swell above $6.6B, which would rank as the fifth largest documented trading loss if realized. The DATco has incinerated nearly half of all investor capital after loading up on ETH at multi-year highs last year.

BREAKING: BitMine's, $BMNR, unrealized ETH losses rise to -$6.6 billion, now on track to become the 5th largest documented principal trading loss in history if sold.

Unrealized losses are now at ~66% of the size of Archegos in 2021, the largest loss ever recorded. pic.twitter.com/JLHqMDLL1M
— The Kobeissi Letter (@KobeissiLetter) February 2, 2026

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

There’s a revolution in the world of money. Ethereum, Bitcoin, crypto, open finance, DeFi—a bankless revolution. And you want part of it.