BitMine's $19B ETH Bet Is Now $5B Underwater

BitMine is the single biggest ETH holder on Earth: ~4.9% of all ether in existence, #1 ETH treasury, #2 crypto treasury behind Strategy.

Since July 2025 it bought ETH every single week, no misses: 5.82M ETH, $19.3B deployed at an avg entry of $3,321. At today's $2,435, that stack is worth $14.2B, a $5.1B unrealized loss, −27%.