Bitmine Immersion Technologies (BMNR), the largest corporate holder of ether ($ETH), is facing nearly $9 billion in unrealized losses as the token’s price dropped below $1,800 again. The company, chaired by Tom Lee, has seen its stock fall 5.9% on Wednesday, slipping below $17. That extends its decline to 28% since early May, hitting levels not seen since the company announced its Ethereum treasury strategy in 2025.
The selloff coincides with ether retesting its February lows. The second-largest cryptocurrency has lost more than 20% since early May. Back then, Lee, who is also Fundstrat’s co-founder, argued that the market’s so-called “mini crypto winter” was likely over and a new “crypto spring” had begun.
Massive ether holdings under pressure
Under Lee’s leadership, Bitmine has accumulated over 5.4 million ether in about a year. That’s roughly 4.5% of Ethereum’s circulating supply. At current prices, that position is worth around $10 billion. But those holdings are deeply underwater. According to data from DropsTab, the unrealized losses are estimated at $8.9 billion.
Bitmine’s situation highlights renewed stress in the digital asset treasury sector. Companies in this space try to replicate the playbook pioneered by Michael Saylor’s MicroStrategy (MSTR), which involves raising capital through public markets and using the proceeds to buy crypto. That model has become harder to sustain as crypto prices weaken. Many treasury stocks have drifted below the value of their underlying assets.
Key differences from other treasury firms
Bitmine’s approach differs in some important ways. The company financed its ether purchases mainly through equity issuance, not debt. That means it doesn’t have the leverage concerns and interest payments that some of its peers face. Bitmine also generates revenue from staking its ether. It operates a staking service called MAVAN. The company says it has staked more than 4.7 million ether, about 87% of its holdings. It recently estimated annualized staking revenue at roughly $276 million.
The recent price action hasn’t changed Lee’s long-term outlook. Speaking at the Proof of Talk conference in Paris earlier this week, he said ether could eventually reach $250,000. He argued that tokenization, AI-driven transactions, and corporate staking are reshaping Ethereum’s role in the global financial system.
For now, investors seem focused on a more immediate reality. Ether is back near levels last seen during February’s selloff. That leaves Bitmine’s treasury deep underwater and highlights the gap between Lee’s long-term thesis and the market’s current view of the asset.
