BitMine sitting on 6.02M $ETH (~4.9% of total supply) with a brutal $3.6B unrealized loss.
Breakeven? $ETH needs to hit $3,300. We're nowhere close.
Meanwhile their stock is down 14% YTD vs $ETH only down 9%. The leverage pain is real.
This is what happens when you ape in at the top with corporate treasury. Now they're underwater and can't exit without nuking the market.
Watch this position closely - any forced selling could trigger a cascade.
Breakeven? $ETH needs to hit $3,300. We're nowhere close.
Meanwhile their stock is down 14% YTD vs $ETH only down 9%. The leverage pain is real.
This is what happens when you ape in at the top with corporate treasury. Now they're underwater and can't exit without nuking the market.
Watch this position closely - any forced selling could trigger a cascade.
