BitMine Immersion’s aggressive ether accumulation has sharply turned against it after the latest drop in crypto markets, leaving the company with over $6 billion in paper losses on its ETH holdings.
The publicly traded company added more than 40,000 ether last week, bringing its total balance to approximately 4.24 million ETH, according to Dropstab portfolio tracking data.
Since then, prices have fallen sharply, dragging the value of BitMine’s stash to around $9.6 billion, down from nearly $14 billion at the highs seen in October.
Ether fell towards the $2,300 level on Saturday as selling in major tokens accelerated.
The timing of BitMine’s latest purchases has once again focused attention on its balance sheet strategy. Corporate crypto treasuries have become a prominent feature of the current cycle, but heavy exposure can amplify swings as markets shift and bids fade.
Losses have also increased as forced selling spread across derivatives markets, adding momentum to the decline. Liquidations in major venues increased along with the drop in ether, compounding pressure on spot prices.
The company’s president, Tom Lee, has recently taken a more cautious tone in the short term.
While remaining constructive in the long term, he warned that the market is still working through the deleveraging process and that early 2026 could be difficult before conditions stabilize.
In a recent interview, he pointed to October’s sharp sell-off, which wiped out roughly $19 billion in market value, as a breakout that reset positioning in cryptocurrencies.
BitMine has previously said that part of its ether position is at stake, estimating annual staking revenue of around $164 million. However, that revenue stream fluctuates with network returns and does little to offset large price swings during rapid declines.
