BitMine chair's 'feature, not a bug' defense fails as BMNR resumes 30% fall

BMNR stock price resumed a broader downtrend in early February, falling about 25% over five days and more than 33% over one month to trade around $22.35. Chairman Tom Lee defended large unrealized crypto losses as “a feature, not a bug,” but the comments did not attract sustained buying.

BitMine had invested roughly $14.95 billion into ETH, with current market value around $8.53 billion, implying paper losses of more than $6.4 billion. Ethereum was trading near $2,200, below BitMine’s average acquisition cost of roughly $3,800, widening the unrealized loss.

Technical indicators showed selling pressure: On‑Balance Volume broke a rising trend at the end of January and Chaikin Money Flow fell below zero from January 30 onward, indicating capital outflows. Price also broke a head‑and‑shoulders neckline in a gap‑down formation, signaling continued distribution.

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