Bitmine's Ethereum bet nears $8.9 billion paper loss as ETH falls under $1,800

Bitmine Immersion Technologies (BMNR), the largest corporate holder of ether (ETH), is facing nearly $9 billion in unrealized losses after ETH slid below $1,800 and cut the value of its large treasury. Shares of the Tom Lee-chaired company fell another 5.9% Wednesday, dipping below $17 and extending a 28% decline since early May.

The stock is now at its weakest level since Bitmine announced its pivot to an Ethereum treasury strategy in 2025, trading beneath February lows. Under Lee's leadership, Bitmine amassed more than 5.4 million ETH—about 4.5% of Ethereum's circulating supply—worth roughly $10 billion at current prices.

DropsTab data show those holdings carry an estimated $8.9 billion in unrealized losses. Bitmine financed most of its ether purchases through equity rather than debt and has staked more than 4.7 million ETH, about 87% of its holdings, with estimated annualized staking revenue near $276 million.

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