BitMine Immersion faces more than $6 billion in unrealized losses on its ETH holdings after a renewed crypto downturn. The firm’s recent ETH purchases came just ahead of a sharp market slide, pushing unrealized losses past $6 billion as liquidity thinned and liquidations picked up.
Prices have fallen sharply since, reducing BitMine’s ETH stash to around $9.6 billion from nearly $14 billion at October highs. The timing of BitMine’s latest purchases has put its balance-sheet strategy back in focus; corporate crypto treasuries have become a prominent feature of the current cycle, but heavy exposure can amplify swings when markets turn and bids fade. Losses have also mounted as forced selling rippled through derivatives markets, adding momentum to the decline.
Liquidations across major venues picked up alongside ether’s drop, compounding pressure on spot prices. BitMine has previously said part of its ether position is staked, estimating annual staking revenue of around $164 million. That income stream, however, fluctuates with network yields and does little to offset large price swings during fast drawdowns.
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