Bitmine paper loss nears $8.8B as Ether slump tests cyclical thesis

• Bitmine’s unrealized losses near $8.8B as Ether drops 60% in six months. • Ether trades below Bitmine’s average cost, testing cyclical vs structural weakness. • Bitmine continues buying Ether, recently adding 45,749 ETH at $1,992 average. • Major institutions like Morgan Stanley, Ark, BlackRock are boosting Bitmine exposure. • Bitmine’s stock fell 59% over six months, trading at $19.68 pre‑market. • Corporate Ether treasuries face mounting pressure, a make‑or‑break phase for Ether’s investment case.

Article Summaries:

• Corporate Ether holdings are facing steep paper losses as the crypto market slides, with Bitmine Immersion Technologies-one of the largest Ether treasuries-reporting unrealized losses near $8.8 billion after ETH fell 60% in six months. Bitmine’s average cost basis of $3,843 per token is now above the market price, yet the firm continues to buy, adding 45,749 ETH at $1,992 each. Major investors such as Morgan Stanley, Ark, and BlackRock have increased stakes in Bitmine, while other treasury firms like SharpLink Gaming and The Ether Machine also report multi‑hundred‑million dollar losses. Smart‑money traders remain net short on ETH, though whale spot purchases have surged.

Sources:

• https://cointelegraph.com/news/bitmine-shareholders-8-8b-paper-loss-downturn-ether?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound