Nasdaq-listed Bitmine is facing a severe financial challenge threatening its entire cryptocurrency strategy. The company’s concentrated investment in Ethereum has resulted in approximately $3.7 billion worth of unrealized losses, raising serious concerns about the sustainability of its approach. 10x Research analysis reveals Ethereum is currently trading at around $1,000 below Bitmine’s average purchase price, creating significant financial pressure on the company. This price discrepancy highlights the risks associated with heavy concentration in a single cryptocurrency, leaving Bitmine vulnerable to market fluctuations. Analysis suggests the company’s mNAV ratio has plummeted, posing challenges for attracting new investors and increasing its ability to raise capital through share issuances. 10x Research indicates that other major Digital Asset Treasury firms are also experiencing similar mNAV declines, further indicating broader industry pressures. While Bitmine’s heavy reliance on Ethereum makes them particularly vulnerable compared to more diversified competitors, the situation raises questions about the broader cryptocurrency market’s resilience.