BitMine’s ether bet is now $6 billion in paper loss

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email BitMine’s ether bet is now $6 billion in paper loss The firm’s recent ETH purchases came just ahead of a sharp market slide, pushing unrealized losses past $6 billion as liquidity thinned and liquidations picked up. By Shaurya Malwa Feb 1, 2026, 6:54 a.m. Make us preferred on Google What to know : BitMine Immersion is sitting on more than $6 billion in paper losses after ether’s latest slide dragged the value of its 4.24 million ETH stash down to about $9.6 billion from nearly $14 billion in October. The company’s recent purchase of over 40,000 ether has renewed scrutiny of its balance-sheet strategy, as heavy corporate crypto treasuries can magnify losses when markets fall and liquidity thins. Chairman Tom Lee has adopted a more cautious near-term outlook, warning that the market is still deleveraging and that conditions could remain rough into early 2026, while staking revenue of roughly $164 million a year offers limited protection against sharp price drops. BitMine Immersion’s aggressive ether accumulation has turned sharply against it after the latest leg lower in crypto markets, leaving the company with more than $6 billion in paper losses on its ETH holdings. The publicly traded firm added over 40,000 ether last week, lifting its total balance to roughly 4.24 million ETH, according to portfolio tracking data from Dropstab. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . Since then, prices have fallen hard, dragging the value of BitMine’s stash to about $9.6 billion — down from nearly $14 billion at highs seen in October. Ether slid toward the $2,300 level on Saturday as selling accelerated across major tokens. The timing of BitMine’s latest purchases has put its balance-sheet strategy back in focus. Corporate crypto treasuries have become a prominent feature of the current cycle, but heavy exposure can amplify swings when markets turn and bids fade. Losses have also mounted as forced selling rippled through derivatives markets, adding momentum to the decline. Liquidations across major venues picked up alongside ether’s drop, compounding pressure on spot prices. Company chairman Tom Lee has recently struck a more cautious near-term tone. While remaining constructive longer term, he has warned that the market is still working through deleveraging and that early 2026 could be rough 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 break that reset positioning across crypto. BitMine has previously said part of its ether position is staked, estimating annual staking revenue of around $164 million. That income stream, however, fluctuates with network yields and does little to offset large price swings during fast drawdowns.