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Bitmine Faces Nearly $9 Billion in Paper Losses as ETH Slides Below $1,800
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)
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