Crypto: Bitmine Paper Loss Nears $8.8b As Ether Slump Tests Cyclical Thesis

The mounting unrealized losses of Bitmine shareholders and Ether’s 60% decline are signaling a critical inflection point that may define Ether’s medium-term momentum, analysts said.

Corporate Ether treasuries are coming under increasing pressure as the crypto downturn deepens, with analysts warning the market is approaching a make-or-break phase for Ether’s investment case.

Bitmine Immersion Technologies, one of the biggest corporate holders of Ether (ETH), is sitting on a large unrealized loss as ETH trades well below the company’s average acquisition price, according to third-party tracker Bitminetracker. Some estimates put Bitmine’s paper losses in the $8.8 billion range after Ether’s slide over recent months.

ETH’s price has fallen 60% during the past six months, dropping well below Bitmine’s average cost basis of $3,843 per token, Bitminetracker data shows.

Crypto research outlet 10x Research said Monday that Ether is now trading near valuation and cost-basis levels that test whether the asset is simply in a cyclical downturn or entering a period of deeper, structural weakness.

Bitmine continues to buy ETH despite the mounting paper losses. Last week, Bitmine acquired 45,749 Ether at an average aggregate cost basis of $1,992 per ETH, signaling confidence from the world’s largest Ether treasury firm.

Big Wall Street participants are maintaining exposure to Bitmine despite the market downturn.

The top 11 Bitmine shareholders, including Morgan Stanley, Ark Investment Management and asset manager BlackRock, have all increased their exposure to the treasury company during the fourth quarter of 2025.

Bitmine’s stock price has fallen by about 59% over the past six months and traded at $19.68 in the pre-market on Monday, data from Google Finance showed.

Related: Wells Fargo sees ‘YOLO’ trade driving $150B into Bitcoin and risk assets

Source: CoinTelegraph