Tom Lee's BitMine Hits 7-Month Stock Low as Ethereum Paper Losses Reach $8 Billion
BitMine Immersion Technologies (BMNR), a publicly traded Ethereum treasury firm, saw its shares fall 11% Thursday, hitting a seven-month low of $18.05 as unrealized losses from its large ETH holdings reached about $8 billion. The losses stem from Ethereum’s recent price drop—now down 32% in a week to around $1,932—causing BMNR’s ETH investments to be nearly 49% underwater. Despite a holding of 4,285,125 ETH (about 3.5% of Ethereum’s circulating supply), BMNR’s cost basis puts its assets over $6 billion down earlier this week, with losses tied to aggressive ETH accumulation since July. Chairman Tom Lee maintains confidence in Ethereum’s long-term prospects, viewing the price dip as a buying opportunity and reaffirming plans to ultimately own 5% of ETH’s supply. Currently, Ethereum trades roughly 61% below its all-time high, and prediction markets estimate a high probability of a further decline to $1,500 before any significant rebound.
