Tom Lee’s BitMine is sitting on roughly $7.3 billion in paper losses on its massive Ethereum treasury, as Ether traders brace for a potential 25% drop toward $1,600.
BitMine began building its ETH stash in July 2025 after a $250 million private placement. By last week, it held 5.28 million ETH - about 4.37% of Ethereum’s total supply - making it the world’s largest publicly traded Ether treasury.
Despite the losses, Lee has kept accumulating, arguing in February that ETH’s steep drawdown may be another buying opportunity. In May, BitMine said it would slow but not stop purchases, still targeting ownership of 5% of Ethereum’s supply by year-end.
Technical charts show ETH trading near the lower trend line of a rising wedge - a bearish reversal pattern. A breakdown below that support could trigger a move toward $1,600 by July or August, which would push BitMine’s unrealized losses past $10 billion.
BitMine’s ETH treasury dashboard.
Ethereum sentiment has also deteriorated. On-chain data from Santiment shows the bullish-to-bearish comment ratio falling from above 2:1 in late April to nearly 1:1 in May. Analysts say traders increasingly view ETH as “dead money” compared to stronger-performing assets.
Ether has dropped more than 57% from its October 2025 peak near $4,955. ETH ETF outflows and recent departures from the Ethereum Foundation have added to the bearish pressure.