BitMine Ethereum Holdings Unrealized Loss Reaches $7.35 Billion

May 24 — Ethereum treasury firm BitMine (BMNR) currently holds 5.28 million Ether (ETH), making up roughly 4.37% of the total ETH supply. With ETH having plunged more than 57% from its October 2025 peak, BitMine’s unrealized losses have swelled to around $7.35 billion. BitMine rolled out its Ether treasury strategy in July 2025, and has been steadily accumulating ETH amid the market downturn. The company’s average cost basis for its holdings sits at roughly $3,513 per ETH. Chairman Tom Lee has previously stated that ETH has historically seen sharp V-shaped rebounds after significant pullbacks, framing the current decline as a long-term buying opportunity. However, analysts caution that ETH is forming a bearish “rising wedge” technical pattern. If the coin breaks below its key support level, it could tumble to roughly $1,600 — a roughly 25% drop from current levels. Such a move would expand BitMine’s unrealized losses to over $10 billion, per estimates. Additional headwinds facing ETH include ETF outflows, deteriorating market sentiment, and personnel changes at the Ethereum Foundation. Santiment data shows the ratio of bullish to bearish comments on ETH social media has fallen from 2:1 at the end of April to nearly 1:1 now.