Ethereum (ETH) slipped below $2,000 on Thursday, pushing BitMine Immersion Technologies into roughly $8 billion of unrealized losses as its stock cratered nearly 90% from last year's high.
Key Points:
- Ether fell under $2,000, leaving BitMine with about $8 billion in paper losses on its Ethereum stash.
- BMNR stock has collapsed nearly 90% from a $161 high struck last year.
- Large wallets keep accumulating Ether, a counterweight to the deepening selloff and the souring mood.
Ethereum Slide Hammers BitMine
Ether dropped below $2,000 on Thursday, its weakest level in roughly two years, a move that left BitMine, the largest corporate holder of the token, sitting on close to $8 billion in unrealized losses.
[The asset has shed more than 57% from its 2025 peak, leaving the firm's average cost of about $3,513 a token deep underwater. Selling pressure built fast.
The company disclosed holdings of more than 5.3 million Ether, about 4.5% of circulating supply and part of a crypto and cash pile worth roughly $12 billion. Its stock, meanwhile, has tumbled close to 90% from a $161 high reached last year, one of the steepest slides among crypto-linked equities.
Spot Ethereum ETFs have bled funds for weeks, deepening the pressure, and some traders now warn that a clean break of support could drag the price as low as $1,600 in the weeks ahead.
Also Read: Kalshi Wins CFTC Approval For First U.S. Bitcoin Perpetual Futures
Tom Lee Holds The Line
Chairman Tom Lee has refused to blink, insisting there is "no pressure" to sell and pointing to past 60%-plus drawdowns that later gave way to sharp, V-shaped recoveries.
The Fundstrat co-founder forecasts Ether could reach $9,000 to $12,000 by year-end, casting the current weakness as the tail end of a long bear market. He still frames the rout as a generational entry point.
On-chain data muddies the bearish read.
Large wallets keep adding Ether, lifting whale supply past 125 million tokens this month even as the price slid lower. BitMine, for its part, earns staking yield on most of its Ether through MAVAN, its in-house validator network generating hundreds of millions in annualized rewards. That income softens the blow.
Ethereum Treasury Bet In Review
BitMine launched its Ethereum treasury strategy in Jul. 2025 after a private placement raised about $250 million. The firm held more than 163,000 tokens by mid-2025, a stake that has since ballooned past 5 million through near-weekly purchases. Ether's months-long slide has turned that aggressive wager into one of crypto's largest paper drawdowns.
Read Next: Dogecoin Reserves Edge Up To 28B As Whale Support Stays Weak