BlockBeats news, on May 24, the Ethereum treasury company BitMine (BMNR) currently holds 5.28 million ETH, accounting for approximately 4.37% of ETH's total supply. As ETH has declined more than 57% from its October 2025 high, BitMine's current unrealized paper loss has expanded to approximately $7.35 billion.
BitMine launched its Ethereum treasury strategy in July 2025 and has continued to accumulate ETH during the downturn. The company’s average holding cost is approximately $3,513. BitMine’s Chairman, Tom Lee, has previously stated that ETH has historically experienced "V-shaped recoveries" after significant pullbacks, suggesting that the current decline may still represent a long-term buying opportunity.
However, analysis indicates that ETH's current technical formation shows a bearish "rising wedge" pattern; if it breaks below key support, the price could decline further to around $1,600, representing a drop of approximately 25%. If this scenario occurs, BitMine's unrealized paper losses could expand to over $10 billion.
In addition, ETH is currently facing pressure from ongoing ETF outflows, deteriorating market sentiment, and personnel changes at the Ethereum Foundation. Santiment data shows that the ratio of bullish to bearish comments on ETH’s social media has declined from 2:1 at the end of April to nearly 1:1.