Due to unrealized losses of $8 billion in Ethereum holdings, BitMine's stock price plummeted.

According to CoinWorld, as the price of Ethereum fell to around $1,932, BitMine Immersion Technologies (BMNR) saw its unrealized losses expand to approximately $8 billion, with its share price dropping 11% to about $18.05, hitting a seven-month low. Chairman Tom Lee defended the company's strategy, stating that such losses are inherent to the company's Ethereum-tracking strategy and are not a flaw, while reiterating his confidence in Ethereum's future. The company holds more than 3.5% of Ethereum's circulating supply and recently increased its holdings by 41,788 Ethereum.