Bitmine Hits $8.9B Unrealized Loss as ETH Falls Below $1,800

Bitmine Immersion now faces an estimated $8.9 billion mark-to-market loss after ETH plunged below $1,800. The firm accumulated aggressively throughout late May, highlighted by its record 111,942 ETH purchase on May 28 and additional $50 million tranche on May 30. Buying slowed sharply to 26,497 ETH the following week as holdings reached 5.42 million ETH (4.49% of supply), with 87% staked for $258 million annualized revenue. Despite equity-funded accumulation and staking yield, BMNR shares have collapsed and ETH weakness has triggered broad pressure on corporate crypto treasuries.