Bitmine Immersion Technologies, being one of the largest corporate holders of ETH, is currently facing a paper loss of approximately $8.8 billion after the token price has dropped by 60% in the last six months, thus pushing it lower than Bitmine’s average cost/base of $3, 843 per token, according to the third-party tracker Bitminetracker.
Ethereum (ETH) treasury corporate firms are under intense scrutiny as the price of Ether (ETH) moves significantly below the average acquisition cost, thus forcing the market players to reassess if the current downtrend is just a temporary cyclical dip or a more profound structural shift.
Unrealised Losses and Cost Basis
The paper loss of Bitmine illustrates the fierce effect the continuous downtrend has on a corporate balance sheet. The company, which keeps on hoarding ETH by purchasing 45, 749 tokens at the average price of $1, 992 last week, stays overall in a deep red position.
Similarly, other significant holders like SharpLink Gaming and The Ether Machine, who have reported unrealised losses of $1.4 billion and $948 million, respectively.
Also Read: Bitmine Buys 45,759 Ethereum As Tom Lee’s ETH Treasury Hits $9.6 Billion
Institutional Exposure
The biggest shareholders, such as Morgan Stanley, Ark Investment Management, and BlackRock, actually raised their stakes in the fourth quarter of 2025. On the other hand, Bitmine’s stock price has fallen by around 59% in the last six months and was trading at $19.68 in pre-market on Monday.
However, ‘smart money’ traders have increased their short bets by $1.48 million in the last day, thus, a net short of $67 million on ETH has been formed as per the data from Nansen. Meanwhile, the whale wallets have tremendously increased their spot buying of $44 million ETH via 41 addresses in the past week.
Also Read: BitMine Expands Ethereum Treasury With New $84M ETH Purchase
Strategic Implication
If the unrealised losses continue, it could put pressure on the companies to rethink their treasury allocations, and this may lead to the initial steps of the market selloff.
However, the large-scale purchases by major players and institutional investors are a sign of their confidence and belief in the technology and network utility of ETH.
According to the analysts of 10x Research, the current price levels of Ether are almost at the point where the valuation is being tested to find out whether the price move is only a cyclical correction or a more lasting downtrend of the asset.
Also Read: Ethereum Surges: Could ETH Reach $2,761 After BitMine’s Strategic Buy?