BitMine's large holdings of Ethereum have an unrealized loss of over $6 billion: Will the decline in ETH price shake its long-term strategy?

February 2 News, due to the ongoing correction in the cryptocurrency market, Tom Lee’s leading company BitMine is facing its most severe stress test since its establishment. The company adopts a long-term bullish outlook on Ethereum as its core strategy, making large purchases of ETH, but recent price declines have significantly shrunk its crypto asset portfolio. Data shows that BitMine’s Ethereum holdings’ market value has fallen over 22% in the past month, currently around $9 billion, with unrealized losses exceeding $6 billion.

In terms of holdings structure, BitMine currently owns approximately 4,031,739 ETH, making it one of the largest ETH holders worldwide. Even during the market downturn, the company chose to increase its positions against the trend. Last week, BitMine bought an additional 40,000 ETH at an average price of $2,220. However, market performance did not meet expectations. Ethereum has declined over 28% in the past month and has repeatedly broken key support levels, triggering chain reactions of selling and leveraged liquidations.

Risks are not limited to Ethereum. BitMine also holds about 11,902 Bitcoin and nearly 90 million Solana. The overall decline in crypto asset prices makes its diversified layout difficult to hedge against systemic downturns. As automated liquidation mechanisms are triggered, selling pressure rapidly spreads, and the prices of related assets decline in tandem.

The capital markets are also affected. $BMNR stock price dropped nearly 6% that day, closing at $25.10, reflecting investors’ concerns about its high-risk crypto strategy. Some shareholders have begun to focus on whether the company needs to adjust its position structure to reduce financial pressure from short-term volatility.

In response, Tom Lee previously stated that early 2026 could be challenging, with global trade frictions, Federal Reserve policy directions, and macro uncertainties all influencing market sentiment. He still adheres to the philosophy of “buying on dips,” believing that short-term fluctuations will not change the long-term trend.

In the future, whether BitMine’s $9 billion crypto asset reserve will become a heavy burden or lay the foundation for the next rebound remains to be seen by the market.