Bitmine’s Ethereum Investment Shows $8.7 Billion Unrealized Loss, Post Says
According to Lookonchain, Bitmine’s 5,416,901 ETH holdings were worth about $10.03 billion at current prices, with the reported unrealized loss rising to roughly $8.9 billion and surpassing Strategy’s Bitcoin paper loss.
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Fact Check
The $8.7B unrealized loss figure is plausible and consistent with available evidence. Bitmine's official May 4, 2026 PR confirms 5.18M ETH holdings, and ETH was ~$1,921 on June 2, 2026 (MetaMask). Given an average purchase price reported around $3,826 in February 2026 (CoinDesk), the loss math approximates $8.7-9.9B, aligning with the WatcherGuru claim. The reported unrealized loss trajectory ($4B Nov 2025 → $6B Jan 2026 → $7.5-7.8B Feb 2026) fits an $8.7B figure by June 2026 as ETH dropped further. However, no official Bitmine disclosure for the exact June 2 figure was located, so the specific number is not independently verified beyond the originating social post.
Summary
According to the new post, Bitmine’s unrealized loss on 5,416,901 ETH reached about $8.9 billion, up from the previously cited $8.7 billion figure. Lookonchain said the holdings were worth about $10.03 billion at current prices. The post also compared Bitmine’s Ethereum paper loss with Strategy’s Bitcoin position, saying Strategy held 843,706 BTC with an unrealized loss of about $7.6 billion. The figures describe paper losses based on current market value rather than realized losses from asset sales.
Terms & Concepts
- Unrealized loss: A decline in an asset’s market value that exists on paper and becomes realized only if the asset is sold.
- Ethereum: A blockchain network whose native cryptocurrency is Ether (ETH), widely used for smart contracts and decentralized applications.