Is BitMine, the leading Ethereum Treasuries company, becoming one of the worst investments in history? Its unrealized losses, currently estimated at $7 billion, raise serious questions. We take stock of the situation…
BitMine: $7 billion in losses for the leader in Ethereum Treasuries
The significant and widespread decline in the crypto market is clearly not good news for Digital Asset Treasuries (DATs), publicly traded companies that are often struggling and seeking increased visibility through the accumulation of cryptocurrencies, initially focused on Bitcoin.
In this race, the small BTC miner BitMine took a rather unexpected turn last June: it became the world’s largest holder of ETH. And why not one of the most profitable companies in the United States, thanks to its integrated staking option?
In just a few months, this accumulation goal became a reality, with a portfolio now consisting of more than 4.2 million Ethers, equivalent to 3.5% of the amount of ETH in circulation.
However, the situation appears more complicated when it comes to its hopes for profitability, with a market downturn causing unrealized losses estimated at nearly $7 billion in total.
This problem is all the more troubling given that BitMine’s CEO has been touting the bullish potential of ETH throughout the last few months of 2025, to the point of estimating that it could easily reach $9,000 in January… four times its current price.
This raises questions about the resilience of this business model in times of market collapse.
Is Tom Lee orchestrating the biggest loss in investment history?
The problem with BitMine lies much more in Tom Lee’s positioning—optimistic to the point of becoming ridiculous—than in the reality of the market. Indeed, the company’s losses remain theoretical for the moment, despite a drop in its share price (which is very real) of more than 80% since its peak on July 3.
This is enough to stir up emotions, to the point of prompting X Anselm, holder of the account, to tell his 790,000 followers that “Tom Lee is about to break the record for the biggest investment loss in human history,” compared to other historic financial fiascos mentioned as examples on the Wikipedia page entitled: “List of trading losses.”
Tom Lee promises to make BitMine ultra-profitable thanks to the returns generated by its staking activity. Can we still trust his excessive ambitions?
