BitMine Immersion Technologies (BMNR), the world’s largest Ethereum-focused treasury company, is now sitting on nearly $8 billion in post-Ether paper losses. fell below $2,000 on Thursday.
The company, led by widely followed Wall Street bull Thomas Lee, accumulated 4.29 million ETH at an estimated cost of $16.4 billion, according to DropStab data. This reserve is now worth only $8.4 billion at current prices.
BMNR stock fell another 9% on Thursday to its lowest point since the company switched to an Ethereum strategy. It has now fallen 88% from its July peak as investor concerns grow over the company’s ETH exposure and price collapse.
Despite the sharp drop, BitMine is not under any immediate pressure to liquidate its assets. Unlike many other digital asset treasuries, the company used the issuance of shares – not borrowed funds – to finance its ether buying spree and other investments.
The company also holds $538 million in cash and has started generating revenue by staking over 2.9 million ETH, according to its Monday update.
“There is no pressure to sell ETH at these levels, as there are no covenants or other restrictions/provisions,” Thomas Lee said in a statement, “BitMine is able to weather the volatility of cryptocurrencies while still earning recurring revenue and staking rewards.”
