Tom Lee's BitMine is under pressure from approximately $7.35 billion in unrealized losses as Ethereum continues its sharp correction.
This loss relates to the amount of ETH BitMine holds after the price of Ethereum dropped more than 57% from its 2025 peak. The company currently holds approximately 5.28 million ETH , equivalent to 4.37% of the total Ethereum supply, with an Medium Capital basis of around $3,513, while ETH is currently trading around $2,100.
BitMine has been steadily increasing its ETH reserves since implementing this strategy in July 2025. The company aims to hold 5% of the total Ethereum supply by the end of this year and says it will only “slow down” rather than stop buying.
The risks for BitMine could increase if ETH continues to weaken. Some analysts believe the price is approaching the lower edge of a bearish “rising wedge” pattern; if this support zone is breached, ETH could retreat to $1,600, bringing BitMine’s unrealized losses to approximately $10.1 billion.
Market sentiment toward Ethereum is also weakening. Data from Santiment shows the ratio of optimistic to pessimistic comments on social media has dropped from over 2:1 at the end of April to nearly 1:1, while some traders have started calling ETH “Dead Money”.
Pressure also stems from outflows from ETFs, leadership changes at the Ethereum Foundation, and a shift in market attention to other high-beta assets. ETH is currently facing one of its strongest confidence-testing periods in recent times.
