Bitmine Immersion Technologies, the largest corporate holder of ether (ETH), faces nearly $9 billion in unrealized losses as ETH drops below $1,800. The company, chaired by Tom Lee, holds over 5.4 million ETH (4.5% of circulating supply) worth about $10 billion. Shares fell 5.9% to below $17, the lowest since its crypto pivot in 2025. Bitmine financed purchases via equity, avoiding debt, and generates staking revenue from 87% of its holdings (~$276M annualized). Tom Lee maintains a bullish outlook, predicting ETH could reach $250,000, but the market focuses on current losses. The situation highlights pressure on digital asset treasuries following MicroStrategy's playbook.

Key facts

• Bitmine holds 5.4M ETH (4.5% of circulating supply), worth ~$10B.
• Unrealized losses estimated at $8.9B with ETH below $1,800.
• Stock fell 5.9% to below $17, lowest since crypto pivot.
• 87% of ETH staked, generating ~$276M annualized revenue.
• Tom Lee predicts ETH could reach $250,000 long-term.