BitMine Immersion Technologies has disclosed that its unrealized losses on Ethereum holdings have expanded sharply, even as the company confirmed that its total ETH position has grown to 4.285 million tokens.

Key takeaways:

• BitMine’s unrealized losses on Ethereum have reached approximately $6.6 billion

• The loss would rank among the largest principal trading losses if realized

• Ethereum holdings now total 4.285 million tokens

• Combined crypto and cash holdings stand at roughly $10.7 billion

According to figures highlighted by market analysts, BitMine’s unrealized losses on its Ethereum exposure have climbed to around $6.6 billion.

BREAKING: BitMine's, $BMNR, unrealized ETH losses rise to -$6.6 billion, now on track to become the 5th largest documented principal trading loss in history if sold.

Unrealized losses are now at ~66% of the size of Archegos in 2021, the largest loss ever recorded. pic.twitter.com/JLHqMDLL1M

— The Kobeissi Letter (@KobeissiLetter) February 2, 2026

If realized, the drawdown would place the company on track to record the fifth-largest documented principal trading loss in history. The scale of the decline is estimated at roughly sixty-six percent of the losses recorded during the 2021 collapse of Archegos Capital Management, which remains the largest such loss on record.

Portfolio data shows that BitMine’s total invested capital amounts to approximately $15.65 billion, while the current value of its holdings has fallen to about $9.04 billion. This represents an unrealized drawdown of more than forty-two percent. No realized profits or losses have been reported, indicating that the company has not liquidated its position despite the sharp deterioration in valuation.

Concentrated Ethereum Exposure Amplifies Market Risk

The losses coincide with sustained weakness in the Ethereum market. Ethereum was trading near $2,317 at the time of the disclosure, remaining significantly lower on a multi-week basis despite modest short-term gains. The prolonged downturn has placed increasing pressure on firms with large, concentrated exposure to the asset.

Despite the scale of the unrealized losses, BitMine confirmed that its Ethereum holdings have continued to increase, underscoring an accumulation-focused strategy rather than a move toward risk reduction. The company also reported total crypto and cash holdings of approximately $10.7 billion, providing some balance-sheet support amid ongoing market volatility.

Market participants note that the situation highlights the risks inherent in high-conviction, single-asset strategies during extended drawdowns. While the losses remain unrealized, their magnitude has drawn comparisons to historic trading failures and renewed scrutiny of risk concentration among large digital asset holders.

For now, BitMine’s position reflects a long-term bet on Ethereum’s recovery potential, even as near-term market conditions continue to test the resilience of that strategy.