BitMine Faces $7.4 Billion Ethereum Losses

Published by

Sohrab Khawas

February 5, 2026

BitMine Shifts to NYSE and Accelerates Ethereum Accumulation

BitMine Immersion Technologies, led by Tom Lee, is reporting over $7.4 billion in unrealized losses on its 4.285 million ETH holdings, bought at an average of $3,830 per coin, now worth below $2,100, while Ethereum has fallen below current levels. Despite these paper losses, the company continues its Ethereum treasury strategy, adding more ETH during the downturn and staking a large portion of its holdings to earn yield. Lee emphasizes that such drawdowns are normal in a long-term treasury approach, reflecting broader market cycles rather than a flaw in strategy. BitMine’s Ethereum holdings, roughly 3.5% of circulating ETH, show both its conviction in the market and the risks involved in deep crypto treasury plays.

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Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

Published by

Sohrab Khawas

Tags: Ethereum