BitMine’s ethereum (ETH) holdings have made unrealized losses of over $8 billion at this time as a part of a wider crypto crash that the agency’s chairman, Tom Lee, described as “a feature, not a bug.”
The previous JP Morgan strategist grew to become chairman of the bitcoin (BTC) mining agency BitMine Immersion Applied sciences in June 2025 because it pivoted in the direction of shopping for up ether (ETH).
Since August 24, 2025, when ETH’s hit an all-time excessive of $4,946, BitMine has spent over $10.6 billion buying over 2.76 million ETH, in accordance with information from DropsTab.
5 months on, and ETH has fallen by nearly 60%, leading to BitMine’s ETH holdings dropping over $8 billion in unrealized losses.
The agency has invested $16.4 billion in ETH because it pivoted final yr and has no realized revenue up to now. It owns 4.29 million ETH, simply over 3.5% of the whole circulating provide.
After customers started to level out that BitMine’s ETH holdings hit over $6 billion in unrealized losses, Lee claimed that these form of downturns are “a feature, not a bug,” and famous that the purpose of his ETH is to “outperform over the cycle (think up ETH).”
Simply at some point earlier than, he famous that this crypto winter isn’t like different crypto winters, and that whereas costs are lagging, every day transactions are nonetheless surging.
He additionally famous that Binance’s actions on October 10 could have contributed to the “languished” value actions at this time.
ETH, BTC fall in wider crypto crash
CoinGecko claims that round $820 billion has been shed from the general cryptocurrency market cap since January 15 this yr.
ETH has shed $146 billion from its market cap over the previous month, whereas BTC’s has misplaced $490 billion since final month.
This crash could not have been foreseen by the Trump household, as if anyone held onto any ETH they purchased when Donald Trump’s son Eric endorsed shopping for ETH final yr, they’d be down 31% at this time.
