Bitmine’s Ethereum holdings decline sharply, erasing nearly $9 billion in value amid a broader crypto market pullback.
Bitmine Immersion Technologies, the largest corporate holder of Ethereum, reports unrealized losses of $8.9 billion as ETH falls below $1,800. The decline mirrors a broader crypto selloff, with ETH retesting February lows after a 20% drop since early May.
The company, chaired by Fundstrat co-founder Tom Lee, holds over 5.4 million ETH, roughly 4.5% of Ethereum’s circulating supply. Shares of BMNR fell 5.9% Wednesday, extending a 28% decline since May, as Lee’s bullish outlook clashes with market weakness.
BMNR stock now trades at its lowest level since the company’s pivot to an Ethereum treasury strategy in May 2025, underscoring investor skepticism amid persistent volatility.