Bitmine paper loss nears $8.8B as Ether slump tests cyclical thesis

CoinTelegraph

by Zoltan Vardai

February 23, 2026

AI-Generated Deep Dive Summary

The cryptocurrency market is facing a pivotal moment as Bitmine Immersion Technologies, one of the largest corporate holders of Ether (ETH), grapples with massive unrealized losses. With Ether's price having fallen by 60% over the past six months, Bitmine's paper losses are estimated to near $8.8 billion, according to data from Bitminetracker. This significant decline has pushed ETH well below Bitmine's average cost basis of $3,843 per token, leaving shareholders with substantial unrealized losses. Analysts warn that this situation highlights a critical inflection point for Ether's investment case. Corporate treasuries holding large amounts of Ether are increasingly under pressure as the crypto downturn intensifies. The financial strain on Bitmine and other corporate holders could lead to forced selling of ETH holdings, potentially destabilizing the market further. The broader implications for the cryptocurrency ecosystem are significant. If major corporate holders like Bitmine begin liquidating their assets, it could trigger a chain reaction, testing Ether's resilience and credibility as a long-term investment. This scenario underscores the risks associated with holding cryptocurrencies during market downturns, particularly for institutions that have bet heavily on individual tokens. For crypto enthusiasts and investors, this situation serves as a reminder of the volatile nature of digital assets. The potential unraveling of corporate treasuries' Ether positions could reshape market dynamics and sentiment toward not just Bitmine, but other cryptocurrencies as well. As the crypto winter continues, the ability of platforms like Bitmine to navigate these challenges will be closely watched by both the crypto community and financial markets at large.

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Originally published on CoinTelegraph on 2/23/2026