BitMine’s ethereum (ETH) holdings have made unrealized losses of over $8 billion today as part of a wider crypto crash that the firm’s chairman, Tom Lee, described as “a feature, not a bug.”
The former JP Morgan strategist became chairman of the bitcoin (BTC) mining firm BitMine Immersion Technologies in June 2025 as it pivoted towards buying up ether (ETH).
Since August 24, 2025, when ETH’s hit an all-time high of $4,946, BitMine has spent over $10.6 billion purchasing over 2.76 million ETH, according to data from DropsTab.
Five months on, and ETH has fallen by almost 60%, resulting in BitMine’s ETH holdings losing over $8 billion in unrealized losses.
The firm has invested $16.4 billion in ETH since it pivoted last year and has no realized profit to date. It owns 4.29 million ETH, just over 3.5% of the entire circulating supply.
Read more: Tom Lee’s BitMine is performing as bad as Strategy
After users began to point out that BitMine’s ETH holdings hit over $6 billion in unrealized losses, Lee claimed that these sort of downturns are “a feature, not a bug,” and noted that the point of his ETH is to “outperform over the cycle (think up ETH).”
Just one day before, he noted that this crypto winter isn’t like other crypto winters, and that while prices are lagging, daily transactions are still surging.
He also noted that Binance’s actions on October 10 may have contributed to the “languished” price actions today.
ETH, BTC fall in wider crypto crash
CoinGecko claims that around $820 billion has been shed from the overall cryptocurrency market cap since January 15 this year.
ETH has shed $146 billion from its market cap over the past month, while BTC’s has lost $490 billion since last month.
Read more: Eric Trump removes ‘thank me later’ from ETH promo
This crash may not have been foreseen by the Trump family, as if somebody held onto any ETH they bought when Donald Trump’s son Eric endorsed buying ETH last year, they’d be down 31% today.
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Source: https://protos.com/tom-lees-bitmine-eth-holdings-are-down-8b-as-crypto-crashes/
