Catenaa, Tuesday, February 10, 2026-BitMine Immersion Technologies, the Ethereum-focused treasury firm led by Fundstrat’s Tom Lee, is facing an unrealized loss exceeding $7 billion after Ethereum dropped to $2,092, down 45% from its holdings’ cost basis.
The company holds roughly 4.285 million ETH, acquired last summer at an average price between $3,800 and $3,900, as part of a shift from Bitcoin mining to an “Ethereum-first” strategy.
The decline in ETH has put BitMine’s $8.4 billion portfolio deep underwater, drawing market attention as one of crypto’s largest single-asset corporate exposures.
Shares of BitMine’s parent firm BMNR have fallen alongside Ethereum, echoing pressure on Michael Saylor’s Bitcoin-centric Strategy (MSTR), which is showing an unrealized loss of about $2.7 billion on Bitcoin holdings. Analysts note both cases highlight the risks of concentrated crypto treasury strategies.
Despite the downturn, Tom Lee maintains confidence in Ethereum’s fundamentals. He cited record network activity, including roughly 2.5 million daily transactions and rising active addresses, as signs that usage trends remain strong despite price volatility.
Lee also attributed the price weakness to post-October deleveraging and capital rotation into traditional assets, noting BitMine recently added 41,000 ETH to its balance sheet.
The episode underscores the challenges firms face when treasury management relies heavily on volatile digital assets, particularly during market stress, and marks a significant stress test for Ethereum-based corporate strategies.
