BitMine's Ethereum holdings have suffered a paper loss of $7.35 billion.

According to Mars Finance, as of May 24th, Ethereum treasury company BitMine (BMNR) currently holds 5.28 million ETH, representing approximately 4.37% of the total ETH supply. With ETH having retreated more than 57% from its October 2025 high, BitMine's current unrealized losses have widened to approximately $7.35 billion. BitMine launched its Ethereum treasury strategy in July 2025 and has been continuously accumulating ETH during the decline. The company's average holding cost is approximately $3,513. BitMine Chairman Tom Lee has previously stated multiple times that ETH has historically experienced "V-shaped rebounds" after significant pullbacks, and the current decline may still present a long-term buying opportunity. However, analysts point out that ETH's current technical pattern shows a bearish "rising wedge" structure. If it breaks below key support levels, the price may further decline to around $1,600, a drop of approximately 25%. If this scenario occurs, BitMine's unrealized losses could exceed $10 billion. In addition, ETH is currently facing pressure from continued outflows from ETFs, 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 dropped from 2:1 at the end of April to nearly 1:1.