Tom Lee's Bitmine now $8 billion underwater as ether tumbles below $2,000
Analysis
Price Impact
MedA major ethereum treasury firm, bitmine, is $8 billion underwater as eth tumbled below $2,000, indicating significant market weakness and negative sentiment. while the firm states no immediate pressure to sell, the sheer size of the loss and the 88% drop in its stock price reflect considerable underlying pressure and investor concern. the news reports a price drop that has already occurred.
Trustworthiness
HighThe article is from coindesk, a reputable source, and quotes thomas lee, chairman of bitmine, directly. it provides specific financial figures and data sources (dropstab).
Price Direction
BearishThe news highlights a significant price tumble for eth below $2,000, leading to massive paper losses for a key institutional holder. although bitmine states it won't sell, the overall sentiment created by such a substantial loss for a well-known entity like bitmine is bearish, signaling underlying market weakness and a lack of immediate buying pressure.
Time Effect
ShortThe news reports an event (eth price drop, bitmine losses) that has already happened. the firm's declaration of 'no pressure to sell' might prevent an immediate further liquidity crisis from their side, making the immediate market reaction to this specific detail short-term, preventing a worse immediate outcome. however, the underlying bearish trend that led to these losses could be longer-lasting.
Original Article:
Article Content:
Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Tom Lee's Bitmine now $8 billion underwater as ether tumbles below $2,000 Despite its mounting losses and plunging share price, the ether treasury firm says it's under no pressure to sell its holdings. By Krisztian Sandor | Edited by Stephen Alpher Feb 5, 2026, 5:21 p.m. Make us preferred on Google Thomas Lee, chairman of BitMine (CoinDesk) What to know : BitMine Immersion's ETH stash — acquired for $16.4 billion — is now valued at $8.4 billion as ether dips below $2,000. BMNR stock has dropped 88% since July and hit a new low on Thursday, down 7% on the day. The firm says it has no debt covenants and continues to earn staking income on its ETH. BitMine Immersion Technologies (BMNR), the world's largest Ethereum-focused treasury company is now sitting on nearly $8 billion in paper losses after ether ETH $ 2,113.11 fell below $2,000 on Thursday. The firm, helmed by well-followed Wall Street bull Thomas Lee, accumulated 4.29 million ETH at an estimated cost of $16.4 billion, according to data from DropStab. That stash is now worth just $8.4 billion at current prices. 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 . BMNR stock fell another 9% Thursday to its lowest point since the company pivoted to an Ethereum strategy. It has now tumbled 88% from its July peak, as investor concern grows on the firm's ETH exposure and collapsing prices. Despite the sharp drawdown, BitMine is under no immediate pressure to liquidate its assets. Unlike many other digital asset treasuries, the company used equity issuance — and not borrowed funds — to fund its ether purchase spree and other investments. The firm also holds $538 million in cash and has begun generating income from staking more than 2.9 million ETH, according to its Monday update. "There is no pressure to sell any ETH at these levels, because there are not debt covenants or other restrictions/provisions," Thomas Lee said in a statement , "BitMine is in a position to ride out crypto volatility while earning recurring income and staking rewards." Ethereum News Bitmine Thomas Lee Ethereum Treasury Digital Asset Treasury In this article ETH ETH $ 2,113.11 ◢ 6.45 %