BitMine Immersion Technologies is facing more than $6 billion in unrealized losses after Ether prices slid sharply, underscoring the growing risks tied to crypto-heavy balance sheet strategies.
The losses follow a recent market-wide sell-off that hit major digital assets, dragging down Ethereum and intensifying pressure on firms holding large token reserves.
BitMine, which is linked to investor Tom Lee, added 40,302 Ether last week, lifting its total holdings to over 4.24 million ETH, according to data from Dropstab.
At current prices, the company’s Ether treasury is valued at roughly $9.6 billion, down from a peak near $13.9 billion reached in October, reflecting the impact of the broader crypto downturn.
Ether fell toward the $2,200 level on Monday as selling accelerated across major tokens, adding to losses already recorded in January.
As of January 25, 2026, BitMine held approximately 2,009,267 staked ETH, worth about $5.7 billion at an ETH price of $2,839, highlighting its focus on staking yield despite mounting paper losses.
The situation has reignited debate over corporate crypto accumulation strategies, particularly during periods of heightened volatility and liquidity stress.
Market participants are closely watching whether further declines could force balance sheet adjustments or strategic shifts among firms heavily exposed to Ethereum.
