BitMine’s Ethereum bet turned into one of the biggest losses in financial history 🚨
Here’s what’s happening:
BitMine Immersion Technologies went all in on Ethereum.
And the trade went badly wrong.
The company is now sitting on a $6.9 billion unrealized loss as ETH is down bad in 2026.
- The Big Bet
BitMine decided to turn itself into a corporate ETH treasury.
The goal was extreme: own 5% of all Ethereum supply.
They really got close.
Today BitMine holds 4.28 million ETH, about 3.55% of total ETH.
- How Much Money Is at Risk?
BitMine bought ETH at an average price around $3,800–$3,900.
ETH is now trading around $2,200–$2,400.
That means:
~$15.7B invested
~$9.2B current value
$6.5–$6.9B paper loss
That puts this trade in the same league as:
- JPMorgan’s London Whale
- Amaranth Advisors
- Long-Term Capital Management
Why This Is Dangerous?
BitMine owns more ETH than most exchanges see in weeks.
If they were forced to sell:
- Daily ETH volume can’t absorb it
- Slippage would be massive
- Prices could drop 20–40% fast
This would be the largest single liquidation in crypto history.
- Tom Lee’s Response
Tom Lee is running the strategy and he’s not backing down.
During the crash, BitMine actually bought another 41,788 ETH.
His view:
- Ethereum usage is at ATH
- Institutions are building on ETH
- Staking earns ~$374M per year
- Long term > short term
This is literally a stress test for institutional crypto.
