ME News reports that, as of May 24 (UTC+8), Ethereum treasury company BitMine (BMNR) currently holds 5.28 million ETH, accounting for approximately 4.37% of ETH’s total supply. With ETH down over 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 consistently accumulated ETH during the downturn. The company’s average acquisition cost is around $3,513. BitMine’s Chairman, Tom Lee, has previously stated that ETH has historically experienced “V-shaped recoveries” after significant pullbacks, suggesting the current decline may still represent a long-term buying opportunity. However, analysis indicates that ETH’s current technical structure forms a bearish ascending wedge pattern. If the price breaks below key support levels, it could decline further toward $1,600—a drop of approximately 25%. Should this scenario unfold, BitMine’s unrealized losses could exceed $10 billion. Additionally, ETH is currently facing pressure from sustained ETF outflows, deteriorating market sentiment, and personnel changes at the Ethereum Foundation. Santiment data shows that the ratio of bullish to bearish social media comments on ETH has dropped from 2:1 at the end of April to nearly 1:1. (Source: BlockBeats)
BitMine's Ethereum holdings incur a $7.35 billion paper loss amid price decline
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Summary
ETH price dropped more than 57% from its October 2025 high, pushing BitMine’s $7.35 billion paper loss to its largest on record. The company holds 5.28 million ETH, or 4.37% of the total supply, with an average cost of $3,513. ETH analysis reveals a bearish rising wedge pattern, indicating further downside risk to $1,600. Social sentiment has turned neutral, and ETF outflows are adding pressure. Leadership changes at the Foundation and weak on-chain data have raised concerns.
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