BitMine, managed by Tom Lee, has faced a paper loss of approximately $7.3 billion on its Ethereum holdings. Deteriorating market sentiment, declining ETF inflows, and technical analysis suggest the price could drop to the $1,600 level. This is reported by Cointelegraph.com reports .
The price of Ether on the Coinbase exchange has fallen by more than 57% from its October 2025 peak of $4,955. This decline has also impacted Ethereum's market share: ETH dominance (ETH.D) has dropped from 15% in August 2025 to the current 10%.
BitMine launched its Ethereum strategy in July 2025 following a $250 million private investment. As of last week, the company holds 5.28 million ETH (4.37% of the total supply), making it the world's largest publicly traded holder of Ether.
Despite heavy losses, Tom Lee has no intention of backing down. In February, he called the sharp drop in ETH price a new buying opportunity, citing historical V-shaped recovery trends following Ethereum declines of over 50%.
Although BitMine announced in May that it would slightly slow down purchases, it has not abandoned the strategy. The company aims to own 5% of the total Ethereum supply by December. If the market downturn continues, the company's paper losses could exceed $10 billion.
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