BitMine Immersion, chaired by Tom Lee, is facing deep paper losses after its aggressive bet on ether moved sharply against it during the latest crypto market downturn. As prices continued to decline, the company’s ether-heavy treasury strategy came under increased criticism.
According to statistics, BitMine added more than 40,000 ETH last week. This addition raises its total holdings to about 4.24 million ether.
Shortly, the broader crypto market fell, bringing ether down toward the $2,300 level. Consequently, BitMine has lost more than $6 billion on paper as the value of its ETH holdings has decreased to about $9.6 billion from nearly $14 billion at October highs.
The decline was worsened by forced selling in derivatives markets, where liquidations added pressure on spot prices. While part of BitMine’s ether is staked and generates recurring income, that revenue is small compared to sharp price swings.
Lee has since warned that crypto markets may remain volatile into early 2026 before stabilising.
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