Largest ether treasury firm faces mounting paper losses amid crypto pullback
Bitmine Immersion Technologies, the largest corporate holder of ether, is sitting on an estimated $8.9 billion in unrealized losses as ETH fell below $1,800 in the latest crypto market downturn. The company’s 5.4 million ether position, accumulated over roughly one year under Chairman Tom Lee’s leadership, now represents 4.5% of Ethereum’s circulating supply.
BMNR shares fell 5.9% on June 3, pushing the stock to $17 and marking the lowest level since Bitmine announced its pivot to an Ethereum treasury strategy in May 2025. The shares have declined 28% since early May 2026, when ETH began a 20% price slide that is now retesting February 2026 lows.
The unrealized loss estimates come from DropsTab, a blockchain data provider. Bitmine financed its ether accumulation primarily through equity issuance rather than debt, distinguishing its approach from the bitcoin treasury model pioneered by MicroStrategy, which has raised capital through public markets to accumulate crypto.
Lee’s bullish long-term outlook contrasts sharply with current market conditions. At the Proof of Talk conference in Paris, Lee stated his belief that the “mini crypto winter” had likely ended and a new “crypto spring” had begun. He has set a long-term price target of $250,000 per ETH.
Despite the paper losses, Bitmine generates ongoing revenue from its staking operations. The company has staked 4.7 million of its 5.4 million ETH holdings, or 87% of its total position. Bitmine operates MAVAN, a staking service that generates an estimated $276 million in annualized staking revenue.
The digital asset treasury sector has faced mounting pressure as crypto valuations decline. MicroStrategy, which pioneered the corporate bitcoin treasury model, recently disclosed its first bitcoin sale since 2022, signaling a potential shift in how large holders manage their crypto positions during market downturns.
Bitmine’s current holdings are valued at approximately $10 billion at current prices, down sharply from their peak value earlier in 2026. The company has not issued public guidance on changes to its treasury strategy or plans for future capital raises.
