Bitmine Sits on $10.1B Paper Loss Despite $9.1B in ETH Reserves

According to 10x Research, Bitmine conducted 50 equity offerings from July 2025 through June 2026, raising $19.2 billion. The firm deployed nearly all of the proceeds to buy 5,543,872 ETH—about 4.6% of Ethereum's circulating supply. With ETH priced at $1,650, Bitmine's holdings are valued at roughly $9.1 billion, leaving investors with an estimated unrealized loss of about $10.1 billion. That implies a 52% drawdown versus invested capital.