Bitmine Immersion Technologies, the largest corporate holder of ether, is facing nearly $8.9 billion in unrealized losses after ETH fell below $1,800. The company has accumulated more than 5.4 million ETH, equal to roughly 4.5% of Ethereum’s circulating supply, and that position is now worth about $10 billion at current prices, according to data cited from DropsTab.
Its stock has been sliding alongside the token. On Wednesday, shares fell another 5.9% to below $17, extending the decline to 28% since early May. The stock is now below its February lows and has dropped to its weakest level since Bitmine announced its pivot to an Ethereum treasury strategy in 2025.
ETH weakness hits listed treasury model
Ether has lost more than 20% since early May and is back near the levels seen during February’s selloff. That move has left Bitmine’s treasury position deeply underwater. Earlier in May, Fundstrat co-founder and Bitmine chairman Tom Lee said the market’s “mini crypto winter” had likely ended and that a new “crypto spring” had begun. Recent price action has moved in the opposite direction.
Bitmine’s drawdown also reflects pressure across the digital asset treasury sector. A growing number of public companies have tried to follow the model popularized by Michael Saylor’s MicroStrategy, raising capital in public markets and using the proceeds to buy crypto. That approach has become harder to defend as token prices softened and many treasury-linked stocks slipped below the value of the assets they hold.
Equity-funded purchases and staking income offer some cushion
Bitmine’s capital structure is different from some of its peers. The company funded most of its ether purchases through equity issuance rather than debt, which reduces concerns tied to leverage and interest payments. Even so, a large mark-to-market decline in the underlying asset still weighs heavily on the company’s valuation.
It also generates income from staking and from operating its staking service MAVAN. Bitmine said it has staked more than 4.7 million ETH, or about 87% of its holdings, and recently estimated annualized staking revenue at roughly $276 million. That income stream may soften some of the impact, but investor attention remains fixed on the scale of the unrealized losses.
Tom Lee keeps $250,000 ETH target
Lee has not changed his long-term view. Speaking earlier this week at the Proof of Talk conference in Paris, he said ETH could eventually reach $250,000 as tokenization, AI-driven transactions, and corporate staking reshape Ethereum’s role in the financial system.
For now, the market is focused on the spot price rather than the long-range thesis. With ether back near February selloff levels, Bitmine’s treasury remains deeply underwater, and the gap between Lee’s outlook and current market pricing is becoming harder to ignore.