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Bitmine Faces $8.9B in Paper Losses as ETH Slides Below $1,800 on Wednesday

Price Volatility Stocks Capital Flow

2026-06-03 22:22:43

BMNR-5.21%

ETH-3.2%

Bitmine Immersion Technologies faces an estimated $8.9 billion in unrealized losses after Ethereum fell below $1,800 on Wednesday, undermining the value of the largest corporate ETH treasury. The company holds more than 5.4 million ETH, representing roughly 4.5% of Ethereum's circulating supply, currently valued at approximately $10 billion. Bitmine shares fell 5.9% on Wednesday to below $17, extending losses to 28% since early May, as ether has declined more than 20% during the same period. The company, which shifted to an Ethereum treasury strategy in May 2025, has staked approximately 4.7 million of its holdings, generating estimated annualized staking revenue of around $276 million.

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