Tom Lee’s BitMine is now down $6 billion on Ethereum (ether) bets

BitMine Immersion, a publicly traded firm associated with Tom Lee, is now facing unrealized losses exceeding $6 billion on its significant Ether holdings. This situation arose because the company aggressively accumulated over 40,000 ETH last week, bringing its total balance to approximately 4.24 million ETH, just before a sharp market downturn pushed Ether prices toward the $2,300 level. The value of BitMine's stash dropped from nearly $14 billion in October to about $9.6 billion. This event highlights the risk of heavy crypto exposure for corporate treasuries when markets decline and liquidity thins, especially as forced selling and liquidations increased across derivatives markets. Although Chairman Tom Lee remains constructively long-term bullish, he has recently adopted a more cautious near-term outlook, warning that the market is still deleveraging and that early 2026 could be volatile before stabilization. BitMine's estimated annual staking revenue of around $164 million does little to offset these large price drawdowns.

(Source：CoinDesk)