Based on data from November 30, the firm had acquired its first 3.7 million ETH for approximately $14.95 billion and an average cost of around $4,001 per ETH. That same amount of ETH is now worth just $8.8 billion.
Additionally, the firm has garnered approximately $400 million in unrealized losses from its purchases since that time, based on estimations made by Decrypt using the price of ETH at the time that each of its additional purchases was announced.
Despite the growing deficit, the firm’s chairman remains convicted and optimistic in its commitment to Ethereum.
"BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” said Lee. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance."
Shares in BMNR are down another 5% on Monday, recently trading at $23.83. Earlier Monday, BMNR hit its lowest mark since spiking in July 2025 on news of its Ethereum treasury strategy.
ETH is up around 3.7% in the last 24 hours, but has fallen nearly 18% in the last week and is about 52% off its August all-time high price of $4,946.
