BitMines’ $15B Ethereum bet suffers a $3.5B loss – Is a relief likely?

The This fall 2025 crypto market rout is testing the endurance of digital asset treasuries (DATs). BitMine Immersion, the world’s largest Ethereum treasury agency, has recorded a considerable $3.5 billion unrealized loss on its ETH holdings. 

Over the previous two months, its unrealized loss has hovered round $3.5 billion and $4.2 billion as ETH consolidated round $2.6K-$2.75K after a 40% dump in This fall. 

Supply: CryptoQuant

BitMine Chair Tom Lee has been a vocal Ethereum [ETH] bull, betting on tokenization and the stablecoin increase as long-term tailwinds for the asset. To again his conviction, the agency invested $14.6 billion to amass 3.7 million ETH. 

The BitMine wager is now down by over $3.5 billion, however Lee continues to scale his stash. Nonetheless, different distressed ETH treasuries, comparable to SharpLink and ETHZilla, have been compelled to dump their holdings and abandon the ETH technique altogether. 

In reality, consultants had feared that if different companies comply with go well with, the bear market might worsen in the event that they aren’t acquired by main gamers. At the moment, treasury companies rival ETFs and personal 5.6% of the entire ETH provide. 

Whales ramp up ETH buys

Regardless of the DAT misery, the broader accumulation and institutional demand proceed to rise. 

Notably, Liquid Capital founder Jack Yi confirmed that they’ve bought $1.72 billion of ETH after the asset dipped to $2,600 in November. He added there was nonetheless plans to amass $1B billion extra ETH, and warned bears, 

“We strongly advise in opposition to shorting. Undoubtedly, this might be a historic alternative.”

Supply: X

And information backed his assertion.

The tempo of accumulation by whales holding 10K-100K ETH has been large in 2025. In reality, the dip shopping for elevated in the course of the late 2025 drawdown, and this cohort held over 21 million ETH at press time.

Supply: CryptoQuant

ETH’s 45% upside potential

From an ETH valuation perspective, the present worth of $2.9K was undervalued and a discount for long-term traders.

In reality, out of 10 key metrics, seven flashed a “purchase” sign and positioned a good worth at $4.2K, suggesting a forty five% upside potential. 

Supply: ETHVal

Notably, in March, the honest worth flashed $2.5K whereas ETH traded at $1.5K at the moment. By Might, ETH reached $2,500.

In June, when the asset traded at $2.5K, the metric projected an upswing to $3.6K, a month later, the extent was hit. Nonetheless, previous efficiency doesn’t assure future outcomes. 

Closing Ideas 

• BitMine’s ETH holdings sat on a $3.5 billion unrealized loss amid This fall drawdown.
• Nonetheless, whales have been betting massive on ETH with valuation fashions suggesting a forty five% upside potential.