BitMine Immersion Technologies, a publicly traded Ethereum treasury firm, slid to a seven-month low on Thursday as unrealized losses on its ETH holdings mounted. The company reports an ETH treasury of 4,285,125 ETH, valued at about $8.4 billion, with unrealized losses on its holdings rising to around $8 billion as ETH trades near $1,930. Shares were down about 11% on the day, leaving the stock down more than 45% over the last six months. BitMine most recently accumulated 41,788 ETH—worth about $82 million—last week and now holds more than 3.5% of the circulating Ethereum supply, aiming for 5%.
Ethereum was trading around $1,921, roughly 61% below its August all-time high of $4,946, according to CoinGecko data. As ETH fell another 10% in the last 24 hours to about $1,932, the firm’s implied losses rose to about $8 billion. ETH had fallen to about $2,300 earlier this week, contributing to the drawdown.
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