BitMine Immersion Technologies is facing more than $6 billion in unrealised losses after the value of its vast Ether treasury declined sharply during the ongoing crypto market downturn.
The company currently holds over 4.24 million Ether, making it one of the largest single institutional holders of the asset in the market.
The Ether treasury was valued at approximately $13.9 billion in October last year before falling to around $9.6 billion in recent weeks.
The drop in valuation reflects the steep decline in Ethereum’s market price over the same period.
Ether fell from levels above $3,300 to roughly $2,300, erasing billions of dollars in paper value in a matter of months.
Despite the losses, BitMine increased its exposure on January 30 by adding 40,302 ETH to its treasury.
The move has drawn attention due to the bearish market environment and rising concerns over concentration risk.
“2026 is starting painfully. But the market will eventually recognise the value,”
Tom Lee said.
Analysts point to BitMine’s heavy reliance on a single digital asset as a major vulnerability in its treasury strategy.