BitMine Immersion Technologies, a publicly traded digital asset treasury firm linked to investor Tom Lee, is facing more than $6 billion in unrealized losses on its Ether holdings following the latest downturn in crypto markets. The losses widened after the company added more than 40,000 ETH last week, bringing total reserves to over 4.2 million tokens.
At current prices near $2,300, Bitmine’s Ether position is valued at roughly $9.6 billion, down sharply from an estimated peak near $14 billion in October. Market participants attributed the decline to thin liquidity conditions and elevated leverage, which amplified selling pressure as prices began to slide.
The drawdown underscores the balance-sheet risks tied to large, concentrated crypto treasury strategies. Analysts note that recovery may depend on broader market stabilization, improved liquidity, and renewed institutional participation across major digital assets.
