BitMine Ethereum Losses Top $7.34 Billion as Price Tests $1,900 Support

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. A major Ethereum (ETH) holder, BitMine, is facing a possible loss of $7.34 billion. According to a recent update by J.A. Maartunn, BitMine is currently sitting on unrealized losses of over $7 billion amid the ongoing price volatility that ETH is witnessing. Advertisement BitMine's treasury Strategy under pressure from ETH decline Notably, the development highlights the risks involved in overleveraged exposures. With the dip in price, BitMine is now prone to possible losses. The digital asset platform had acquired a sizable amount of Ethereum when the price was much higher, and ETH performed well. However, with the current "massive paper drawdown," BitMine’s portfolio has recorded a staggering dip from its previous peak. It is worth mentioning that this loss in value is on paper, should BitMine decide to sell at this low price. 💥 $7.34B in Unrealized Losses Bitmine is currently sitting on -$7.34B in unrealized losses. That’s a massive paper drawdown — and a clear reminder of how quickly leveraged exposure can flip when price momentum fades. pic.twitter.com/b9gWNmWKhx — Maartunn (@JA_Maartun) March 2, 2026 Ethereum , in the last 30 days, has lost 26.59% of its value amid continued price volatility. As of this writing, Ethereum exchanges hands at $1,941.07, which represents a 2.4% decline in the last 24 hours. ETH, which was changing hands at a peak of $2,025.68, dropped sharply to a low of $1,909.10. The asset has managed to recover slightly to the current market price, but this has not changed the situation for BitMine. Should the firm decide to sell, it would suffer massive losses unless the coin rebounds significantly. Trading volume has also decreased by 9.97% to $20.92 billion as open interest fell amid bearish sentiment. Interestingly, BitMine had recently hit a new Ethereum milestone by purchasing more ETH to take its total holdings to $8.68 billion . This means the Ethereum in its portfolio is at 4,371,497 ETH. At the time of the additional acquisition, BitMine was betting on a price rebound and considered the purchase a worthy investment. BitMine, which is linked to Tom Lee and the largest Ethereum treasury firm, had bet the coin could appreciate to $15,000 in the long term. You Might Also Like Mon, 03/02/2026 - 11:59 XRP Ledger Ramps up With 200,000 Spike in Transactions By Arman Shirinyan Could Ethereum staking tip downside? In late January 2026, BitMine had staked more than 50% of its total Ethereum reserves . At the time, the firm had a staggering 2,218,771 ETH valued at over $6.5 billion staked. As per their projection, the staked asset could yield between $190 million and $200 million in annual revenue. The current drawdown is a caution for investors in leveraged positions. However, as per historical patterns, unrealized losses often precede market bottoms, and Ethereum may witness a rebound if sentiment shifts. #Bitmine #Ethereum