Tom Lee’s BitMine Stock Crashed Below A Make-or-Break Level Amid Ethereum Woes
BitMine Immersion (NYSE:BMNR) stock continued its strong downward trend and dropped below a key make-or-break level as its unrealized losses accelerated. It plunged to $15.90, its lowest level since June last year and 90% below its highest point in 2025.
BitMine Stock at Risk as Unrealized Losses Jump Amid Ethereum Woes
Tom Lee‘s BitMine Immersion is facing major challenges amid the ongoing crypto market crash. Ethereum (CRYPTO: ETH) token plunged to $1,515, its lowest level since April last year, and 67% below its all-time high.
Its performance is notable as BitMine has become the biggest holder of Ethereum with over 5.4 million tokens worth $8.8 billion. At Ethereum’s peak price of $4,948, these coins would be worth over $26 billion. Its unrealized loss is over $10 billion.
BitMine’s challenge is that Ethereum’s fundamentals are deteriorating. For example, Wall Street investors have continued dumping the ETFs. Spot Ethereum ETFs have had over $168 million in outflows this month after losing $540 million in the previous month. They have lost over $2 billion in assets in …
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