Ethereum News Today: BitMine Defies ETH Downturn, Averages Down Amid $2B Loss

BitMine Immersion Technologies (BMNR) has disclosed that its Ethereum (ETH) holdings have dipped below the firm's on-chain cost basis, resulting in an estimated unrealized loss of approximately $2.076 billion. The company, which holds over 2.65 million ETH-valued at around $11 billion-has an average cost basis of roughly $4,026 per token, according to on-chain analyst EmberCN and recent disclosures ETH Whale Bitmine Adds 234,000 ETH Below USD 4,026 Cost Basis^[2]. This development underscores the broader market correction in Ethereum, which has fallen below critical support levels after reaching a peak of $4,950 in August 2025 Bitmine Ethereum Position Dips Below Cost Basis: $7.5B Portfolio in the Red^[1].

The decline in ETH's price has pushed BitMine's portfolio below its average acquisition cost, marking a significant shift for one of the largest institutional holders of the asset. Analysts, including Maartunn, note that such dips often test the resilience of long-term investors, with whale activity serving as a barometer for market sentiment. BitMine's continued accumulation of ETH during the downturn-most recently adding 234,000 tokens valued at $970 million-reflects a strategic effort to average down its cost basis ETH Whale Bitmine Adds 234,000 ETH Below USD 4,026 Cost Basis^[2]. As of late September 2025, the firm's total ETH holdings exceeded 2.65 million tokens, with an average cost basis of $4,026, even as the price briefly dipped below this level ETH Whale Bitmine Adds 234,000 ETH Below USD 4,026 Cost Basis^[2].

The firm's exposure to unrealized losses has intensified as Ethereum's price has fallen to around $3,891, according to TradingView data Bitmine Ethereum Position Dips Below Cost Basis: $7.5B Portfolio in the Red^[1]. This has pushed BitMine's holdings into negative territory, with the firm's total crypto and cash reserves-valued at $13.4 billion-now including 2.83 million ETH and $456 million in unencumbered cash Ethereum Holders Stay Committed Despite Unrealized Losses^[4]. Thomas Lee, BitMine's chairman, has emphasized the company's long-term conviction in Ethereum, citing its role in the convergence of blockchain and AI-driven financial infrastructure.

Market analysts have highlighted the significance of BitMine's position, noting that large institutional buyers often act as stabilizers during corrections. However, the firm's current unrealized loss of $2.076 billion underscores the volatility of the crypto market, particularly as Ethereum faces pressure from both macroeconomic factors and technical breakdowns. On-chain metrics, including the MVRV ratio and realized price, indicate that ETH is trading below its historical cost basis for most large holders, suggesting a potential accumulation phase .

BitMine's strategy aligns with broader trends in the crypto treasury space, where firms are increasingly adopting Ethereum as a core asset. The company's aggressive accumulation-supported by a $24.5 billion capital raise-positions it as the largest public holder of ETH, surpassing competitors like SharpLink Gaming . Despite the current downturn, BitMine's leadership remains optimistic, with Lee stating that Ethereum's discounted price relative to its future potential justifies its role as the firm's primary treasury asset Ethereum Holders Stay Committed Despite Unrealized Losses^[4].