🚨 BitMine’s Ethereum Bet Is Turning Into a Historic Blowup 🚨$ETH
One of the boldest institutional crypto plays ever is now sitting on a multi-billion dollar loss.
Here’s the breakdown 👇
💥 The All-In ETH Move
BitMine Immersion Technologies went full send on Ethereum, transforming itself into a corporate ETH treasury.
Their insane goal?
👉 Own 5% of total ETH supply
They almost pulled it off.
📊 Current holdings: 4.28M ETH
📉 That’s ~3.55% of all Ethereum
💰 The Damage So Far
Avg buy price: $3,800–$3,900
ETH now: $2,200–$2,400
📉 Numbers don’t lie:
~$15.7B invested
~$9.2B current value
$6.5–$6.9B unrealized loss
That puts this trade in the same disaster class as:
⚠️ LTCM
⚠️ Amaranth Advisors
⚠️ JPMorgan’s London Whale
🔥 Why This Is Extremely Risky
BitMine holds more ETH than many exchanges process in weeks.
If forced to sell:
Market liquidity wouldn’t survive
Slippage would be brutal
ETH could drop 20–40% fast
This would be the largest liquidation event in crypto history.
🧠 Tom Lee Isn’t Folding
Despite the drawdown, Tom Lee doubled down.
During the crash, BitMine bought 41,788 more ETH.
His thesis:
✅ ETH usage at all-time highs
✅ Institutions still building
✅ Staking earns ~$374M/year
✅ Long-term conviction > short-term pain
📌 This isn’t just a trade anymore —
It’s a stress test for institutional crypto adoption.
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