$ETH 🚨BREAKING: BitMine, a company linked to Tom Lee that holds a huge amount of Ethereum (ETH), is now sitting on about $6.6 billion in unrealized losses from its ETH investments.
For scale: This unrealized loss is already about 66% (two-thirds) the size of the famous Archegos Capital collapse in 2021.
BitMine made a HUGE bet on Ethereum, but the recent crypto market drop has wiped out billions in value on paper, historic territory for potential losses if things don’t recover.
This highlights the risks of big crypto treasury strategies in volatile markets.
#Ethereum #Loses