Seeing BitMine's Ethereum holdings with unrealized losses of $7.35 billion, do you still think you're bad? Are you still anxious? In fact, so-called trading is just a high-stakes gamble. If you bet right, heaven; if you bet wrong, hell.

On May 24, Ethereum treasury company BitMine (BMNR) currently holds 5.28 million ETH, accounting for about 4.37% of the total ETH supply. As ETH has retraced over 57% from its October 2025 peak, BitMine's unrealized losses on paper have expanded to approximately $7.35 billion.
BitMine launched its Ethereum treasury strategy in July 2025 and has continued to increase its holdings during the decline. The company's average holding cost is about $3,513. BitMine Chairman Tom Lee has repeatedly stated that ETH has historically experienced "V-shaped rebounds" after significant retracements, and the current decline may still be a buying opportunity.
However, analysis indicates that ETH's current technical pattern shows a "rising wedge" bearish structure. If it breaks below key support levels, the price could further decline to around $1,600, a drop of about 25%. If this scenario occurs, BitMine's unrealized losses could expand to over $10 billion.
Additionally, ETH is currently facing continued outflows from ETFs, worsening market sentiment, and personnel changes at the Ethereum Foundation. Santiment data shows that the ratio of bullish to bearish comments on ETH social media has dropped from 2:1 at the end of April to nearly 1:1.
BitMine's Ethereum treasury strategy has shifted from active allocation to deep entrenchment. Since launching this strategy in July 2025, the company has continued to increase its holdings during the decline, from about 1.71 million ETH initially to now 5.28 million ETH, accounting for 4.37% of the total ETH supply, with an average cost basis gradually lowered from around $3,900 to $3,513. Chairman Tom Lee has long maintained that "declines are buying opportunities," but persistent contrarian accumulation has caused unrealized losses to grow from about $3 billion in November last year to $8.2 billion in February this year, and now to $7.35 billion.
This is not an isolated event but an extreme case of the "crypto treasury" model under bear market stress testing. Unlike Bitcoin treasury company Strategy, which has maintained unrealized gains amid volatility, BitMine, as the largest Ethereum treasury company, shows a stark contrast in its aggressive strategy and loss scale. Related reports indicate that its unrealized losses in February have been compared by foreign media to the fifth-largest proprietary trading loss in financial history. $ETH
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