BitMine’s massive ETH holdings put market on edge amid sell-off

[madmax]

As Ethereum prices slide to multi-month lows, attention has turned to BitMine Immersion Technologies, the public company chaired by Fundstrat strategist Tom Lee. Once a small crypto-mining hardware firm, BitMine has transformed into the largest known corporate holder of Ethereum, controlling roughly 4.24 million ETH — about 3.5% of total supply.

At current prices near $2,400, BitMine’s ETH treasury is valued around $10 billion, down sharply from an estimated $15–16 billion invested at higher levels. The scale of the unrealized losses has sparked speculation across crypto markets about whether BitMine could be forced to sell — a move analysts warn could severely destabilize Ethereum.