BitMine Faces Over $6 Billion in Unrealized Losses, but Tom Lee Says It’s Part of the Plan
BitMine Immersion Technologies Chairman Tom Lee mentioned unrealized losses on the firm’s Ethereum (ETH) holdings throughout market downturns are “a characteristic, not a bug,” emphasizing the nature of its Ethereum-focused treasury mannequin.
His feedback come as the world’s largest ETH treasury’s paper losses climb to greater than $6 billion amid a broader market downturn that has pushed the second-largest cryptocurrency to multi-month lows.
BitMine’s Unrealized Losses Exceed $6 Billion
BeInCrypto Markets knowledge exhibits that Ethereum has fallen more than 24% over the previous week. This marks the steepest weekly decline amongst the prime 10 cryptocurrencies by market capitalization.
On Tuesday, ETH briefly dropped to $2,109 on Binance, its lowest stage since May 2025. At the time of writing, the altcoin was buying and selling at $2,270, down 3.06% over the previous day.
The sharp sell-off has intensified strain on digital asset treasuries, with major holders facing important unrealized losses amid broader market weak spot.
According to knowledge from CryptoQuant, BitMine is at the moment sitting on roughly $6.4 billion in paper losses from its Ethereum holdings.
Some critics even fear that these sizable holdings may restrict future ETH worth progress if BitMine chooses to liquidate. However, in a submit on X (previously Twitter), Lee pushed again in opposition to criticism of Ethereum-focused treasury corporations, arguing that latest losses replicate market situations fairly than structural flaws.
He acknowledged BitMine is structured to track the price of Ethereum and probably outperform it over a full market cycle. As the broader crypto market stays in a downturn, declines in ETH are naturally translating into paper losses.
“BMNR will see ‘unrealized’ losses on our holdings of ETH throughout these instances: it’s a characteristic, it’s not a bug. we could name out all index ETFs for his or her losses? Bottom line: ethereum is the future of finance,” Lee stated.
The newest assertion comes after the BitMine chairman recommended that recent turbulence in Bitcoin and Ethereum could also be momentary. This displays the govt’s conviction in Ethereum, additional supported by BitMine’s continued ETH purchases.
According to CoinGecko, the agency has acquired greater than 141,000 ETH over the previous month, bringing its whole holdings to 4,285,125 ETH. The agency just isn’t alone in its ETH purchases.
On-chain data shows active Ethereum accumulation by traders. Lookonchain identified three beforehand dormant, seemingly linked wallets that spent $13.1 million to amass 5,970 ETH at a median worth of $2,195 throughout the latest dip. In a separate transaction, an OTC whale bought 33,000 ETH price $76.6 million.
Trend Research Faces $562 Million Loss Amid Deleveraging
While accumulation continues, promoting strain can be constructing on the different aspect of the market. Trend Research, led by Jack Yi, has consistently been moving ETH onto exchanges.
According to OnChain Lens, the agency deposited 15,000 ETH, price $33.08 million, into Binance right this moment. In whole, Trend Research has transferred 153,588 ETH to the alternate.
The promoting exercise comes amid important unrealized losses on the agency’s current positions, rising strain amid ongoing market volatility. A sustained decline in Ethereum’s worth may set off liquidations, with Trend Research’s estimated liquidation vary round $1,800 per ETH.
The distinction between BitMine’s regular accumulation and Trend Research’s promoting highlights the divergent methods shaping the Ethereum market in February 2026.
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