Bitmine’s Unrealized Loss on Ether Holdings Swells, Could Reach $10.1 Billion

Bitmine, led by Tom Lee, has seen unrealized losses on its Ether holdings widen as the cryptocurrency declines.

Cointelegraph reported on May 24 that Ether’s recent drop to the low-$2,000 range pushed Bitmine’s unrealized loss to about $7.3 billion.

Bitmine began aggressively accumulating Ether after raising about $250 million in a private placement in July 2025. The company now holds about 5.28 million ETH at an average purchase price of about $3,513. That amounts to roughly 4.37% of Ether’s circulating supply.

Losses could deepen further if Ether remains weak. Cointelegraph said Ether’s chart is now forming a bearish rising-wedge pattern and that a downside break could send the token toward $1,600 in July or August. In that scenario, Bitmine’s unrealized loss could widen to about $10.1 billion.