Tom Lee's "Bitmine" Faces Staggering $6 Billion Unrealized Loss on Ethereum Bet

The "MicroStrategy of Ethereum" is bleeding.

Bitmine Immersion Technologies (BMNR), the Ethereum-focused treasury company chaired by Fundstrat’s Tom Lee, is reportedly sitting on a crushing $6 billion unrealized loss on its massive ETH holdings.

The Strategy Under Fire

Modeled after Michael Saylor’s Bitcoin strategy, Bitmine has aggressively accumulated Ethereum, aiming to control up to 5% of the total circulating supply. As of late January 2026, the firm held approximately 4.24 million ETH, valued at over $12 billion at its peak.

However, the recent market rout—which saw silver crash 32% and crypto markets tumble—has severely punished this leveraged conviction.

By the Numbers:

* Holdings: ~4.24 million ETH.

* The Damage: With Ethereum struggling to hold support, the "paper loss" on these positions has ballooned to an estimated $6 billion.

* The Response: Despite the carnage, Lee has historically doubled down during drawdowns, previously stating that "the bottom is in" when losses hit $4 billion in late 2025.

The massive drawdown raises critical questions about the sustainability of the "Digital Asset Treasury" model during prolonged corrections, putting extreme pressure on Bitmine's stock price and its vocal chairman.