BitMine Suffers $2.13 Billion ETH Loss Amidst Market Correction

BitMine, a Nasdaq-listed firm chaired by Thomas Lee, is facing a substantial loss of over $2.13 billion due to Ethereum’s recent market downturn. The company holds 2.83 million ETH at an average cost of $4,535, resulting in significant unrealized losses as the price has dropped below $3,780 per unit. This move highlights the inherent volatility and risk associated with holding large amounts of crypto assets, particularly for firms like BitMine that have aggressively invested in Ethereum.