BitMine Immersion Technologies (BMNR) faces an estimated $8 billion unrealized loss on its Ethereum holdings as of Thursday, according to data by analytics firm Dropstab.
The firm claims that the crypto-miner-turned-Ethereum-treasury company holds approximately 4.29 million ETH acquired at an average price of $3,825 for a cost basis of $16.4 billion.
At the time of publication, ETH is trading at $1,994, making the value of BitMine’s holdings $8.6 billion. BitMine’s stake equates to 3.55% of the circulating supply of Ethereum.
BitMine accumulated some of these holdings through mining operations prior to the Ethereum network’s transition to Proof-of-Stake in September 2022, but the company built the bulk of its stash from ETH purchases beginning in 2025.
If accurate, the figure represents a paper loss rather than a realized cash exit, as BitMine retains control of the assets.
Tom Lee formerly of Fundstrat chairs the company, which has come under fire for the unrealized loss on its massive ETH position.
At the time of writing, BMNR is up 14.5% on the day, driven by a larger crypto market rally, and down 36% year-to-date.
Header image by JetSetJeri2 via Creative Commons.
