Bitmine is facing roughly $9 billion in unrealized losses after Ethereum’s price dropped to about $1,860. The company accumulated 5.4 million ETH at an average cost near $3,500, turning its $18.8 billion position into one worth around $10 billion. The decline highlights the risks of large corporate crypto holdings during market downturns. Rival MicroStrategy is also reporting significant unrealized losses on its Bitcoin reserves. Under new U.S. accounting rules, both companies must report these market value changes each quarter. Despite the losses, neither firm has indicated plans to sell its holdings.
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