BitMine's $6.6B unrealized ETH loss is now ~66% of Archegos's $10B blowup in 2021.
If they're forced to liquidate 4.2M ETH into a thin market, this doesn't stay "unrealized."
It becomes one of the largest documented trading losses ever and likely takes ETH down another 20–40%…
— Hyphen Connect (@HyphenConnect) February 2, 2026
BitMine Immersion is sitting on roughly $6.6 billion in unrealized losses on its roughly 4.24 million ETH stash and that hasn’t even been sold yet. If they are ever forced into heavy liquidation, this stops being paper pain and becomes a historic loss on par with the worst trading blowups we’ve seen, smack in the middle of volatile ETH markets. The firm’s stock is already getting crushed and analysts are watching this position like a live grenade.
https://coindoo.com/bitmine-discloses-growing-unrealized-losses-despite-rising-eth-holdings/