BitMine's Ethereum gamble has become one of the biggest losses in financial history.
Currently, the company is recording an unrealized loss of up to 6.9 billion USD, as the price of ETH plummeted sharply in 2026.
Previously, BitMine decided to transform itself into an enterprise-level ETH treasury.
The extremely ambitious goal: to hold 5% of the total Ethereum supply.
And they have come very close to this goal.
Currently, BitMine holds 4.28 million ETH.
Equivalent to about 3.55% of the total ETH supply.
BitMine bought ETH at an average price of about 3,800 – 3,900 USD.
Meanwhile, ETH is currently trading around 2,200 – 2,400 USD.
This means:
~15.7 billion USD already spent.
~9.2 billion USD current value.
Paper loss of 6.5 – 6.9 billion USD.
This loss puts BitMine in the same 'class' as famous financial disasters such as:
JPMorgan's London Whale.
Amaranth Advisors.
Long-Term Capital Management (LTCM).
Why is this dangerous?
BitMine is holding a volume of ETH greater than the trading volume of many exchanges over several weeks.
If they are forced to sell:
Market liquidity cannot absorb it.
Slippage will be extremely large.
ETH prices could drop 20–40% in a very short time.
👉 This could become the largest single liquidation in crypto history.
#eth #Bitmine