Unrealized Losses for the World’ Largest Ethereum Treasury
Bitmine Immersion Technologies, the world’s largest Etherum treasury, is facing about $8.9 billion in unrealized losses as Ethereum’s price fell below $1,800. Bitmine’s holdings of over 5.4 million ETH represent 4.5% of Ethereum’s current circulating supply, effectively turning it into the largest public market proxy for Ethereum.
Fall in Stock Price
The company’s shares fell 5.9% on June 3, trading below $17 and recording a 28% decrease since May. The share price has reached its lowest level since Bitmine adopted its Ethereum treasury strategy in May 2025. The decline has raised concerns about the company’s financial stability.
Estimate Staking Revenues
But despite the sizeable unrealized losses, Bitmine has staked over 4.7 million ETH. Annualized staking revenue is estimated at approximately $276 million, thus providing a recurring cash flow stream, although the company cannot fully offset the impact of major asset price declines.
Tested by the Market
Stabilizing beyond recent declines in Ethereum prices is crucial if the company is to survive. If the company’s stock price continues to slide, negative market sentiment surrounding its fiscal health could affect future stock prices and its ability to raise capital.
