BitMine Down 80% From The Top, But Tom Lee Keep Buying ETH: What Gives?
BitMine Immersion Technologies Inc. (NYSE:BMNR) has fallen 81% in less than five months as its leveraged Ethereum (CRYPTO: ETH) accumulation strategy produced $3.6 billion in unrealized losses.
BitMine’s Treasury Strategy Delivers Heavy Losses
Protos reported that BitMine now holds 3,629,701 ETH, roughly 3% of circulating supply, yet its share price has collapsed despite Ethereum rising about 10% over the same period.
The company’s large treasury — once pitched as a differentiating advantage, has instead magnified losses due to poorly timed acquisitions.
BitMine’s decline mirrors a broad wipeout among digital asset treasuries.
Several firms that pursued publicly funded crypto accumulation models, including Nakamoto, Twenty One, Sixty Six Capital, Upexi and others, have dropped more than 50% since early summer.
Strategy Falls Too, But BitMine Slides Much Faster
Michael Saylor’s Strategy Inc. (NASDAQ:MSTR), has declined 56% over the same period, about 1.6 times worse than Bitcoin’s 21% slide.
Yet BitMine’s performance is …
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