BitMine Stock Slides 8% as Ethereum Drop Pushes $8B Paper Loss

BitMine Immersion Technologies saw its share price fall roughly 8% on Thursday after Ethereum plunged below the $2,000 mark, pushing the company’s already steep unrealized losses to more than $8 billion and intensifying scrutiny of its aggressive treasury strategy.

The decline in BitMine’s stock reflects mounting pressure on crypto treasury companies as digital asset prices retreat from late-2025 highs. 

With Ethereum trading under key psychological levels, the value of BitMine’s massive holdings has dropped sharply, leaving the firm exposed to one of the largest paper losses in the industry.

Ethereum Bet Comes Under Pressure

BitMine has built one of the largest corporate Ethereum treasuries, holding approximately 4.2 to 4.29 million ETH on its balance sheets. 

That position represents more than 3% of the token’s circulating supply, making the company one of the most influential institutional holders of the asset.

At recent price levels, the company’s combined crypto and cash holdings were valued at around $10.7 billion. However, the decline in Ethereum’s price has significantly eroded the value of its core position. 

Earlier estimates had placed the company’s unrealized losses in the $6 billion to $6.9 billion range, but the latest price drop has pushed those paper losses past the $8 billion mark.

BitMine Stock Reacts to Mounting Drawdown

BitMine’s equity has become closely tied to Ethereum’s price movements given the company’s large holdings in the altcoin leader. 

As ETH slipped below $2,000, investor sentiment toward the company deteriorated, leading to the roughly 8% drop in its share price during today’s trading session. This has added to an already-negative performance over the past month. As a result, the company’s share price is over 44% in the red on the longer-term 30-day time frame.

Despite the losses, BitMine leadership has maintained that the drawdown is consistent with its long-term thesis. 

Chairman Tom Lee has previously described the unrealized losses as a “feature, not a bug” of the company’s strategy, emphasizing that the treasury is designed to track Ethereum’s performance across full market cycles.

Rather than reducing exposure, the company has continued to accumulate and stake ETH, positioning itself to generate yield from the network. Millions of the company’s tokens have been staked, producing estimated annual revenue in the hundreds of millions of dollars, which partially offsets price declines.