Lee said that the company's large unrealized losses are an expected part of its Ethereum treasury strategy during market downturns.
BitMine officially holds 4,066,062 ETH, which puts the treasury value at around $12 billion at current prices.
Ark Invest bought $10.56 million worth of shares in BitMine, $5.9 million worth of Coinbase shares, and $8.85 million worth of Bullish.
The world's largest Ethereum treasury company currently holds nearly 4 million ETH in its treasury, worth around $11.6 billion.
BitMine Chair Tom Lee said Ethereum could possibly trade between $7,000 and $9,000 by the end of January 2026.
BitMine's Monday disclosure revealed that its treasury holdings have surpassed 3.3 million ETH, worth over $13 billion.
Bitmine is currently the largest corporate ETH holder and the second largest crypto treasury firm, only behind Strategy.
BitMine says its ETH holdings have reached 2.83 million and $13.4 billion in crypto+cash, as corporate holders continue buying in "Uptober."
BitMine's Lee said he saw the possibility that Ethereum was entering a "super cycle" that would last 10 to 15 years.
BitMine Immersion grew its ether holdings to 1.71 million ETH, with a balance sheet of over $8.82 billion as companies capture over 2% of Ethereum's supply.