BitMine Immersion's $14.6B Ethereum bet faces $3.5B unrealized loss as whales keep buying

In Q4 2025, BitMine Immersion saw an unrealized loss of about $3.5 billion on its $14.6 billion Ethereum position, after ETH slid and consolidated around $2,600–$2,750. Even as distressed treasuries such as SharpLink and ETHZilla reportedly exited their ETH strategies, large holders accumulated more, with one firm disclosing a $1.72 billion purchase and valuation models pointing to a possible 45% upside from roughly $2,900.