10x Research analysis points out that Ethereum treasury company Bitmine, during the one-year period from July 2025 to June 2026, raised a total of $19.2 billion through 50 ATM issuances and purchased 5,543,872 ETH, accounting for approximately 4.6% of Ethereum's circulating supply.

At current prices, its holdings are worth only about $9.1 billion, a loss of approximately $10.1 billion compared to the invested capital. The losses mainly stem from two factors: first, the current ETH price has fallen 52% below Bitmine's weighted average purchase cost; second, investors paid a premium above net asset value (NAV) when buying Bitmine shares, totaling an overpayment of about $4.6 billion.
However, in the current market environment, Bitmine seems to be in a special state: more like a low-cost ETH bullish option rather than a simple Ethereum spot reserve company, with its potential option value possibly not fully priced by the market.
After significant declines in share price and asset value, the risk borne by investors in buying Bitmine has clearly decreased. If ETH prices, market sentiment, or financing capacity improve in the future, investors may still realize asymmetric gains.
Bitmine's currently severely distressed balance sheet may hide an undervalued "option value" that the market has not fully recognized.