Bitmine Immersion Technologies (BMNR), the largest corporate holder of ether (ETH), is confronting significant financial losses amounting to approximately $8.9 billion as the cryptocurrency's value falls below $1,800. This downturn has severely impacted the company's treasury, which holds over 5.4 million ETH, constituting about 4.5% of the total circulating supply of Ethereum.
The stock price of Bitmine, led by Chairman Tom Lee, has plummeted by 5.9% to below $17, marking a decline of 28% since early May and reaching its lowest point since the company's shift to an Ethereum treasury strategy in May 2025. This decline coincides with Ethereum's drop of over 20% since May, despite Lee's earlier predictions that the market was entering a "crypto spring" after a "mini crypto winter."
Bitmine's strategy of accumulating ether differs from other firms in the sector, as it primarily funded its acquisitions through equity rather than debt, which mitigates some leverage-related risks. The company also generates income from staking its ETH, having staked around 4.7 million ETH, which is about 87% of its total holdings, and it projects annual staking revenue of approximately $276 million.
