BlockBeats News, May 24th, Ethereum treasury company BitMine (BMNR) currently holds 5.28 million ETH, accounting for approximately 4.37% of the total ETH supply. With ETH retracing over 57% from its high in October 2025, BitMine's unrealized loss has now expanded to around $7.35 billion.

BitMine launched its Ethereum treasury strategy in July 2025 and has been consistently accumulating ETH during the downturn. The company's average holding cost is around $3,513. BitMine's Chairman, Tom Lee, has previously stated that ETH has historically seen a "V-shaped rebound" after a significant retracement, suggesting that the current decline could be a long-term buying opportunity.

However, analysts point out that ETH's current technical pattern is forming a bearish "rising wedge," and if it breaks below a key support level, the price could further drop to around $1,600, a decline of about 25%. If this scenario occurs, BitMine's unrealized loss may widen to over $10 billion.

Furthermore, ETH is currently facing pressure from ETF outflows, deteriorating market sentiment, and personnel changes at the Ethereum Foundation. Santiment data shows that the ratio of bullish to bearish comments on ETH social media has decreased from 2:1 at the end of April to nearly 1:1.