BitMine Immersion, the world’s largest Ethereum treasury firm, has recorded a substantial $3.5 billion unrealized loss on its ETH holdings. The BitMine bet is now down by over $3.5 billion, but Lee continues to scale his stash. However, other distressed ETH treasuries, such as SharpLink and ETHZilla, have been forced to dump their holdings and abandon the ETH strategy altogether. To back his conviction, the firm invested $14.6 billion to acquire 3.7 million ETH.
Liquid Capital founder Jack Yi confirmed that they have purchased $1.72 billion of ETH after the asset dipped to $2,600 in November. There were still plans to acquire roughly another $1 billion of ETH, and warned bears, “We strongly advise against shorting. Undoubtedly, this will be a historic opportunity.” The current price of $2.9K was undervalued and a bargain for long-term investors. Seven of ten metrics flashed a buy signal and placed a fair value at $4.2K, suggesting a 45% upside potential.
Notably, in March, the fair value flashed $2.5K while ETH traded at $1.5K at that time. By May, ETH reached $2,500. In June, when the asset traded at $2.5K, the metric projected an upswing to $3.6K, a month later, the level was hit. Final thoughts: BitMine’s ETH holdings sat on a $3.5 billion unrealized loss amid Q4 drawdown.
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