BitMine's Ethereum holdings suffer a $7.35 billion paper loss as ETH price declines

Huo Xing Finance reports that as of May 24, the Ethereum treasury company BitMine (BMNR) currently holds 5.28 million ETH, accounting for approximately 4.37% of ETH’s total supply. With ETH having retraced 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 consistently accumulated ETH during the downturn, with an average holding cost of around $3,513. BitMine’s Chairman Tom Lee has previously stated multiple times 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 “rising wedge”; if it breaks below key support levels, the price could decline further to around $1,600, representing an additional drop of approximately 25%. If this scenario materializes, 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 comments on ETH social media has fallen from 2:1 at the end of April to nearly 1:1.