Bitmine (BMNR) faces $8.9B paper loss as Ethereum drops below $1,800
By
Krisztian Sandor
8d ago· 3 min readenNews
85/100
Golden Brown
Bagelometer↗
Kettled twice. Extra chewy, extra trustworthy.
Score85TypenewsSentimentvery negative
Summary
Bitmine Immersion Technologies (BMNR), the largest corporate holder of ether (ETH) and chaired by Tom Lee, faces nearly $9 billion in paper losses as ETH falls below $1,800. The company's stock has dropped 28% since early May, hitting its lowest level since pivoting to an Ethereum treasury strategy in 2025. The selloff mirrors ETH retesting its February lows, with the cryptocurrency losing more than 20% of its value.
Key quotes
· 3 pulledBitmine 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.
Shares of the Tom Lee-chaired company fell another 5.9% Wednesday, slipping below $17 and extending their decline to 28% since early May.
The stock has now dropped below its February lows to its weakest level since the company announced its pivot to an Ethereum treasury strategy in 2025.
Shares of Tom Lee's Ethereum treasury firm hit their lowest level since the company's crypto pivot as ETH revisits the February lows.