Bitmine (BMNR) Stock: Plunge 9% as $7B Ethereum Loss Sparks Investor Panic

TLDR

• BitMine stock slides 9% as Ethereum losses exceed $7B and pressure grows
• Ethereum crash widens BitMine’s paper losses, stock sinks sharply
• BitMine doubles down on ETH despite $7B unrealized hit and market fear
• Massive Ethereum drop pushes BitMine into deeper balance-sheet stress
• BitMine faces scrutiny as ETH plunge triggers renewed investor concern

Bitmine Immersion Technologies (BMNR) shares faced renewed pressure as its stock fell sharply while Ethereum weakness deepened its unrealized losses. The company saw its shares drop 9.17% to $20.30 as market sentiment shifted. The decline reinforced concerns about the firm’s large Ethereum exposure and ongoing balance-sheet strain.

Bitmine Immersion Technologies, Inc., BMNR

BitMine Faces Heavy Losses as Ethereum Slides

BitMine continued to struggle as Ethereum dropped below key support levels and increased pressure on its holdings. The company holds 4.285 million ETH, which now reflects losses exceeding $7 billion. The downturn intensified after Ethereum hit $2,092 during the session.

The firm bought its position at a total cost of about $8.42 billion and expected long-term gains. The decline pushed the average purchase price far above the current market level. The slide created a wide gap between acquisition value and present worth.

CoinGecko data shows BitMine’s treasury now carries a market value below $9 billion, despite earlier projections. This indicates a drop of more than 40% from the cost basis. The magnitude of the drawdown sparked fresh attention across the digital-asset sector.

Large Ethereum Position Raises Ongoing Concerns

BitMine holds one of the largest Ethereum positions among public companies and maintains an aggressive accumulation strategy. The company recently added 41,788 ETH, despite increasing pressure on its balance sheet. The move signaled firm confidence in Ethereum’s long-term direction.

The strategy surprised some market participants who noted the scale of the existing loss. The firm still increased its holdings even as broader weakness persisted. This decision highlighted BitMine’s commitment to its long-term approach.

Tom Lee, chairman of the company, continued to support the direction and framed the decline as part of expected volatility. He reaffirmed the focus on long-term outcomes rather than short-term price swings. His stance matched his historical pattern during periods of market stress.

Market Reaction Divides as Losses Grow

Reactions across the crypto community remained mixed as BitMine’s position came under renewed scrutiny. Some market watchers raised concerns about the risk of maintaining such a large holding. They pointed toward the potential impact if prices remain under pressure.

Others noted that the losses remain unrealized and may reverse if Ethereum stabilizes. They stressed that the company has not sold any holdings. This view suggested that recovery could shift the outlook quickly.

The broader crypto market also weakened this week as Ethereum extended its decline. This amplified pressure on companies with heavy exposure to the asset. BitMine now faces increased attention as its strategy remains unchanged amid ongoing market swings.

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