Crypto Sell-Off Hits Treasuries, ETFs and Mining Infrastructure

The latest crypto sell-off has shown up beyond price charts, weighing on corporate treasuries, testing retail ETF investors and straining mining operations when conditions turn. BitMine Immersion Technologies, chaired by Tom Lee, saw its Ether-heavy treasury slump as ETH fell below $2,200, pushing unrealized losses past $7 billion.

The company holds about $9.1 billion of Ether, including a recent purchase of 40,302 ETH, leaving its balance sheet exposed to further swings; Lee has argued that unrealized losses are inherent to firms that track ETH. Investors in BlackRock’s iShares Bitcoin Trust (IBIT) also felt the downturn after Bitcoin slid below $80,000 and later beneath $75,000.

Unlimited Funds chief investment officer Bob Elliott said the average dollar invested in IBIT is now underwater, underscoring how quickly ETF returns can turn when price action moves decisively lower. A powerful U.S.

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