BitMine Immersion Technologies is facing significant balance sheet pressure after Ethereum slid below $2,100, leaving the company with an estimated $7 billion unrealized loss. As of February 5, ether traded near $2,092, putting BitMine’s holdings of roughly 4.3 million ETH about 45% below their estimated acquisition cost. The move marks one of the largest paper losses tied to a single-asset corporate crypto strategy.
The company pivoted last year from Bitcoin mining to an Ethereum-first treasury approach, accumulating ETH at average prices estimated between $3,800 and $3,900. With Ethereum now more than 50% below its August 2025 peak, BitMine’s portfolio has declined sharply from prior valuations, reflecting broader weakness across digital asset markets.
Market pressure has extended to equities, with BitMine shares falling alongside ether. Analysts note that the drawdown highlights the financial risks of concentrated crypto treasury strategies during periods of heightened volatility and tighter liquidity, particularly as macro uncertainty continues to weigh on risk assets.
