Bitmine's Ethereum bet nears $9 billion loss as ether falls below $1,800
Key takeaways
- Shares of the Tom Lee-chaired company fell another 5.9% Wednesday, slipping below $17 and extending their decline to 28% since early May.
- The selloff comes as ETH retests its February lows.
- Under Lee's leadership, Bitmine has amassed more than 5.4 million ETH, or roughly 4.5% of Ethereum's circulating supply, in roughly a year.
Shares of the Tom Lee-chaired company fell another 5.9% Wednesday, slipping below $17 and extending their decline to 28% since early May. The stock has now dropped below its February lows to its weakest level since the company announced its pivot to an Ethereum treasury strategy in May 2025.
The selloff comes as ETH retests its February lows. The second-largest cryptocurrency has lost more than 20% since early May, when Lee, Fundstrat's co-founder and BitMine's chairman, argued that the market's "mini crypto winter" had likely ended and a new "crypto spring" had begun.
Under Lee's leadership, Bitmine has amassed more than 5.4 million ETH, or roughly 4.5% of Ethereum's circulating supply, in roughly a year. That position is worth about $10 billion at current prices.