BitMine’s unrealized losses on ETH have reached $9.7 billion, but the money hasn’t actually been “lost” yet.
On November 15, figures for BitMine (BMNR), the world’s largest Ethereum treasury company, were released: it holds 6.07 million ETH at an average cost of about $3,352 per coin, for a total cost of $20.35 billion. At ETH’s current price of $1,753, the holdings are now worth just $10.64 billion, leaving an unrealized loss of about $9.7 billion—a loss of 47.7%, nearly half its value.
But don’t rush to declare that “the whale has been liquidated.” That $9.7 billion is an unrealized loss, an accounting impairment on paper. As long as BitMine hasn’t actually sold its ETH at a low price, the money hasn’t left its pockets. It reflects “what the holdings are worth now,” not “how much has already been lost.”
The real risk is that if ETH prices keep falling, the unrealized loss will grow, potentially triggering staking liquidations or margin pressure. But for now, this is just a “paper loss”—a different thing entirely from actual cash flow.
Do you think BitMine will cut its losses and sell, or hold on until ETH recovers? Share your thoughts in the comments.
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$ETH #浮亏 #BitMine #加密市场大幅回调，多名巨鲸遭遇清算
Disclaimer: The content above is compiled solely from publicly available reports and does not constitute investment advice. Markets involve risks; please make decisions with caution.
On November 15, figures for BitMine (BMNR), the world’s largest Ethereum treasury company, were released: it holds 6.07 million ETH at an average cost of about $3,352 per coin, for a total cost of $20.35 billion. At ETH’s current price of $1,753, the holdings are now worth just $10.64 billion, leaving an unrealized loss of about $9.7 billion—a loss of 47.7%, nearly half its value.
But don’t rush to declare that “the whale has been liquidated.” That $9.7 billion is an unrealized loss, an accounting impairment on paper. As long as BitMine hasn’t actually sold its ETH at a low price, the money hasn’t left its pockets. It reflects “what the holdings are worth now,” not “how much has already been lost.”
The real risk is that if ETH prices keep falling, the unrealized loss will grow, potentially triggering staking liquidations or margin pressure. But for now, this is just a “paper loss”—a different thing entirely from actual cash flow.
Do you think BitMine will cut its losses and sell, or hold on until ETH recovers? Share your thoughts in the comments.
Follow me for more updates.
$ETH #浮亏 #BitMine #加密市场大幅回调，多名巨鲸遭遇清算
Disclaimer: The content above is compiled solely from publicly available reports and does not constitute investment advice. Markets involve risks; please make decisions with caution.