Ethereum (ETH) news: BitMine (BMNR) faces $8 billion paper loss on ether holdings
BitMine, led by Tom Lee, faces an $8 billion paper loss as its Ether holdings drop below $2,000, but it has no pressure to sell.Summary
BitMine Immersion Technologies (BMNR), the largest Ethereum-focused treasury company led by Thomas Lee, is currently facing nearly $8 billion in paper losses after the price of Ether (ETH) dropped below $2,000. The firm accumulated 4.29 million ETH at an estimated cost of $16.4 billion, which is now valued at only $8.4 billion. Consequently, BMNR stock has plummeted 88% from its July peak due to investor concerns over its ETH exposure. Despite the significant drawdown, BitMine stated it is under no immediate pressure to liquidate assets because it funded its Ether purchases through equity issuance rather than borrowed funds. Furthermore, the company holds $538 million in cash and earns recurring income from staking over 2.9 million ETH, positioning it to withstand crypto volatility.
(Source：CoinDesk)