BitMine Immersion Technologies (BMNR), the world’s largest Ethereum-focused treasury company, is now sitting on nearly $8 billion in paper losses for ether fell below $2,000 on Thursday.
The firm, managed by well-followed Wall Street bull Thomas Lee, accumulated 4.29 million ETH at an estimated cost of $16.4 billion, according to data from DropStab. That stash is now worth just $8.4 billion in current prices.
BMNR stock fell another 9% on Thursday to its lowest point since the company switched to an Ethereum strategy. It is now down 88% from its peak in July as investor concern grows over the company’s ETH exposure and collapsing prices.
Despite the sharp decline, BitMine is not immediately under pressure to liquidate its assets. Unlike many other digital assets, the company used equity issuance — and not borrowed funds — to fund its ether buying spree and other investments.
The firm also has $538 million in cash and has started generating revenue from staking more than 2.9 million ETH, according to its Monday update.
“There is no pressure to sell any ETH at these levels because there are no debt covenants or other restrictions/stipulations,” Thomas Lee said in a statement, “BitMine is in a position to ride out crypto volatility while earning recurring income and staking rewards.”
