Bitmine's Unrealized Loss Nears $9 Billion as ETH Falls Below $1,800
Miles Bennett
Ether fell below $1,800, leaving top corporate holder Bitmine with roughly $8.9 billion in unrealized losses — one company owns 4.5% of ETH's circulating supply, and the bear market is making that bet painfully visible.
How much ETH does Bitmine actually hold?
Over roughly one year, Bitmine accumulated more than 5.4 million ETH — about 4.5% of Ethereum's circulating supply.
In plain terms = for every 100 ETH circulating in the market, nearly 5 sit in this single company's treasury.
At current prices the position is worth around $10 billion, but unrealized losses have already reached approximately $8.9 billion.
What does an $8.9 billion paper loss look like?
Per DropsTab data, Bitmine's unrealized loss stands at roughly $8.9 billion — close to nine-tenths of the position's current market value.
This means → for every dollar of ETH the company holds, about $0.90 is underwater — a stark illustration of how fragile a crypto-treasury strategy becomes in a downturn.
ETH itself has fallen more than 20% over the same period and is retesting its February low.
How has the stock reacted?
Bitmine shares dropped another 5.9% on Wednesday, falling below $17 and down 28% since early May.
The stock is now below its February low — the weakest level since the company announced its Ethereum treasury pivot in May 2025.
This reflects the market repricing the "corporate mega-holder" thesis: when the coin drops, the stock drops harder.
How does Bitmine's risk differ from Strategy's (MicroStrategy)?
Strategy funds its Bitcoin purchases mainly through debt, carrying leverage and interest obligations.
Bitmine funds its ETH purchases mainly through equity, so it carries no debt burden.
This means → Bitmine won't be forced to sell ETH to service loans, but shareholders bear the twin cost of ongoing dilution and deep unrealized losses.
Content is for reference only, not financial advice.