Bitmine's $9B ether loss deepens as ETH slides below $1,800

Bitmine Immersion Technologies (BMNR), the largest corporate holder of ether, is facing nearly $9 billion in unrealized losses as ETH slides below $1,800. The token's decline has hammered the value of the company's massive treasury, sending its stock down 5.9% on Wednesday to below $17, its weakest level since the firm announced its Ethereum treasury strategy in 2025.

The selloff has accelerated since early May, when Fundstrat co-founder Tom Lee, who chairs Bitmine, argued that ether was undervalued. Since then, ETH has lost over 20% of its value, retesting February lows. The stock has now dropped 28% from its early May peak, falling below its February lows. The losses highlight the risks of concentrated corporate crypto holdings, especially during periods of market stress. Live crypto prices and charts on NowPrice show ETH struggling to hold support near $1,800, a level that has historically attracted buyers but now faces renewed selling pressure.

Traders are watching whether ETH can reclaim the $1,800 level or if further downside opens the door to $1,600. The broader crypto market remains sensitive to macroeconomic factors, including US interest rate expectations and risk appetite. Bitmine's stock performance will likely continue to mirror ether's price action, given the company's heavy exposure. Any recovery in ETH could provide relief, but the current trend suggests caution among investors.