BitMine Immersion Technologies · Ethereum · Strategy · CoinDesk
Bitmine's Ethereum bet nears $9 billion loss as ether falls below $1,800
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Bitmine Immersion Technologies (BMNR), the largest corporate holder of ether (ETH), is staring at nearly $9 billion in losses as the token's slide below $1,800 drags down the value of its massive treasury.
Key facts
- Bitmine Immersion Technologies (BMNR), the largest corporate holder of ether (ETH), is staring at nearly $9 billion in losses as the token's slide below $1,800 drags down the value of its massive
- Shares of the Tom Lee-chaired company fell another 5.9% Wednesday, slipping below $17 and extending their decline to 28% since early
- Under Lee's leadership, Bitmine has amassed more than 5.4 million ETH, or roughly 4.5% of Ethereum's circulating supply, in roughly a year
- Those holdings, however, are now deeply underwater, carrying an estimated $8.9 billion in unrealized losses, according to data collected by DropsTab
Summary
Bitmine, the largest Ethereum treasury firm, is sitting on an estimated $8.9 billion in unrealized losses as ETH fell below $1,800 in the latest crypto pullback. The company’s shares hit their lowest level since it adopted its Ethereum treasury strategy in 2025. The selloff highlights the growing gap between Bitmine Chairman Tom Lee's bullish calls and current market weakness. Shares of the Tom Lee-chaired company fell another 5.9% Wednesday, slipping below $17 and extending their decline to 28% since early May.