BitMine’s 4.24M ETH Stash Shows ~$6B Paper Loss — Analysts Warn Sale Could Cut ETH 20–40%

BitMine Immersion Technologies, chaired by Fundstrat’s Tom Lee, holds roughly 4.24 million ETH (about 3.5% of supply) and now faces what social media and market estimates describe as roughly $5–7 billion in unrealized losses — a roughly $6 billion paper hit as Ethereum’s price has fallen.

At current ETH prices near $2,408 the company’s stash is worth about $10.2 billion, down from an estimated $15.6 billion based on average entry prices near $3,600–$3,900. Analysts say selling that position would overwhelm order books and could be one of the most destabilizing liquidation events in Ethereum’s history.

Market-depth estimates and analysts cited in the report warn forced liquidation could plausibly push ETH another 20–40%, and slippage means BitMine might net only $5–7 billion if it tried to sell now instead of the ~$10 billion mark-to-market value. Roughly 2 million of BitMine’s ETH are staked and earning about 2.8% annually.

Staked ETH cannot be withdrawn instantly — the validator exit queue could delay withdrawals for days or weeks — which may prevent a single-day crash but would extend uncertainty and invite traders to front-run expected selling. Liquidating the position would also abandon BitMine’s “Ethereum supercycle” strategy and its planned Made-in-America Validator Network (MAVAN) commercial launch in 2026, while potentially triggering shareholder, tax and regulatory consequences.

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