$ETH
$ETH BITMINE SITS ON A ~$9.7B UNREALIZED LOSS ON ITS ETH STACK
The world's largest corporate Ethereum treasury is now nearly 50% underwater.
BitMine (BMNR) holds 6.07M ETH— almost 5% of all ETH supply — bought at an average cost of ~$3,353. At ETH ~$1,750, that stack is worth just ~$10.6B against a ~$20.35B cost basis. Down ~47.7%.
And the audited picture is just as ugly: BitMine reported a $6.3B net loss for FY2026 in its SEC filing, driven by $6.23B in unrealized digital-asset losses as ETH fell ~44% over the fiscal year.
The treasury playbook only works in one direction: buy ETH, issue shares, buy more $ETH . When ETH halves from your cost basis, the equity story breaks with it.
⚠️ The risk: these are paper losses — no forced selling yet. But if ETH keeps sliding, the pressure on the balance sheet grows. And a 6M-ETH holder defending its balance sheet is a risk the whole market has to price in.
Corporate treasuries were sold as the new floor for crypto. Right now they look like a warning about leverage in disguise.
📌 Sharing personal opinions only, not financial advice or a recommendation to buy/sell. Crypto is highly risky; DYOR and you are solely responsible. No coin promotion.
#Ethereum #ETH #Bitmine #crypto #Binance
$ETH BITMINE SITS ON A ~$9.7B UNREALIZED LOSS ON ITS ETH STACK
The world's largest corporate Ethereum treasury is now nearly 50% underwater.
BitMine (BMNR) holds 6.07M ETH— almost 5% of all ETH supply — bought at an average cost of ~$3,353. At ETH ~$1,750, that stack is worth just ~$10.6B against a ~$20.35B cost basis. Down ~47.7%.
And the audited picture is just as ugly: BitMine reported a $6.3B net loss for FY2026 in its SEC filing, driven by $6.23B in unrealized digital-asset losses as ETH fell ~44% over the fiscal year.
The treasury playbook only works in one direction: buy ETH, issue shares, buy more $ETH . When ETH halves from your cost basis, the equity story breaks with it.
⚠️ The risk: these are paper losses — no forced selling yet. But if ETH keeps sliding, the pressure on the balance sheet grows. And a 6M-ETH holder defending its balance sheet is a risk the whole market has to price in.
Corporate treasuries were sold as the new floor for crypto. Right now they look like a warning about leverage in disguise.
📌 Sharing personal opinions only, not financial advice or a recommendation to buy/sell. Crypto is highly risky; DYOR and you are solely responsible. No coin promotion.
#Ethereum #ETH #Bitmine #crypto #Binance