Ethereum plunge… BitMine’s unrealized loss nears $6bn

JOON HYOUNG LEE

Summary

It reported that unrealized losses at BitMine, the world’s largest Ethereum treasury company, have been found to be nearing about $6 billion.
BitMine’s unrealized loss was tallied at about $5.75 billion, with a return of -36.82%, and it said it deployed a total of $15.65 billion to build its Ethereum holdings.
Strategy, the world’s largest Bitcoin treasury company, has an average Bitcoin purchase price of about $76,000, meaning it could enter loss territory if prices fall just an additional 3–4% from current levels.

Forecast Trend Report by Period

*BitMine’s Ethereum (ETH) valuation trend over the past three months. Photo=Drops Tab*

As major cryptocurrencies have tumbled, unrealized losses at BitMine—the world’s largest Ethereum (ETH) treasury company—have also been found to be nearing $6 billion (about 8.7 trillion won).

According to Drops Tab on the 1st, BitMine’s unrealized loss totaled about $5.75 billion as of that day. In return terms, that is -36.82%. BitMine deployed a total of $15.65 billion to build its Ethereum holdings.

The sharp rise in unrealized losses stems from the recent crypto market rout. According to CoinMarketCap, Ethereum was trading in the $2,400 range as of that day, down nearly 10% from the previous day. At one point, Ethereum slid to the $2,300 range. Bitcoin (BTC) was also trading in the $78,000 range, down about 6.5% from the prior day.

Other digital-asset treasury (DAT) companies are in a similar position. In the case of Strategy, the world’s largest Bitcoin treasury company, the average purchase price for Bitcoin is about $76,000. That means it could enter loss territory if Bitcoin falls just an additional 3–4% from current levels.

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