Bitmine Immersion Technologies is facing an estimated $8.9 billion in unrealized losses after ether fell below $1,800, dragging down the value of the largest corporate Ethereum treasury. The company holds more than 5.4 million ETH, equal to roughly 4.5% of Ethereum’s circulating supply. At current prices, that position is worth about $10 billion. The scale makes Bitmine the most exposed public-market proxy for Ethereum outside the token itself. Bitmine shares fell another 5.9% on Wednesday, slipping below $17 and extending their decline to 28% since early May. The stock is now trading below its February lows and at ... (full story)