The continuous decline of Ethereum has led to a paper loss of approximately $8.8 billion for Bitmine, with ongoing pressure on institutional holdings

As the cryptocurrency market continues to decline, corporate Ethereum reserve companies are facing increasingly severe pressure. Bitmine, the largest ETH holding institution globally, has reported a paper loss of approximately $8.8 billion, with the current price of ETH significantly below its average acquisition cost of $3,843, marking a 60% drop over the past six months. Despite the ongoing expansion of unrealized losses, Bitmine still increased its holdings by 45,749 ETH last week, with an average cost of about $1,992, demonstrating its unwavering confidence in the long-term value of Ethereum.

Morgan Stanley, Ark Investment Management, and BlackRock, among 11 major shareholders, have all increased their stakes in Bitmine in the fourth quarter of 2025. Bitmine's stock price has cumulatively dropped about 59% over the past six months.