According to Cointelegraph, as Ethereum continues to weaken, the unrealized paper loss on BitMine’s ETH reserves, managed by Tom Lee, has expanded to approximately $7.35 billion. Analysis suggests that ETH is currently near the lower boundary of a bearish ascending wedge pattern; a breakdown below support could push prices toward the $1,600 range, representing a roughly 25% decline from current levels. If this scenario unfolds, and given BitMine’s average holding cost of approximately $3,513 per ETH, its unrealized loss could rise to around $10.1 billion. Despite the growing paper losses, Tom Lee has stated his commitment to a long-term accumulation strategy, aiming to hold 5% of Ethereum’s total supply by December this year.
BitMine's ETH holdings could face a potential $10.1 billion unrealized loss as price weakness persists.
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Summary
ETH price weakness continues to pressure BitMine’s holdings, with AiCoin reporting a $7.35 billion unrealized loss on its ETH holdings. If ETH analysis confirms a breakdown below the lower boundary of the wedge pattern, the price could drop to $1,600, increasing the loss to $10.1 billion. Tom Lee remains focused on long-term accumulation, targeting 5% of Ethereum’s total supply by December.
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