Ethereum extended its 2026 decline on Thursday, falling 8% to a new yearly low below $1,950 and bringing year-to-date losses to nearly 35%. The selloff has pushed BitMine, a crypto-focused investment firm, into significant unrealized losses on its Ethereum treasury.
BitMine holds just over 4.2 million ETH, purchased at an estimated cost basis of $16.4 billion. At current prices, that position is worth approximately $8.2 billion, implying a paper loss of over $8 billion.
BitMine stock fell 7.7% on the day to $18.70, extending its collapse to 88% below its July 2025 peak. Investor sentiment has turned sharply against large ETH holders amid deepening market weakness.
CEO Tom Lee sought to reassure investors on Monday, emphasizing that BitMine remains committed to its long-term strategy and has no intention of liquidating its Ethereum holdings amid current market volatility.
In an official statement, Lee said the company is positioned to withstand crypto market fluctuations while continuing to generate recurring income through staking. He added that there is no pressure to sell ETH at current levels, as BitMine is not subject to debt covenants or other financial constraints.
