MarketPR
Bitmine, a publicly traded cryptocurrency investment firm, is sitting on roughly $10 billion in unrealized losses on its $ETH holdings after Ethereum's price fell to around $1,650 — well below the firm's average acquisition cost of approximately $3,526 per token.
A new analysis from 10x Research argues the market may nonetheless be underpricing Bitmine's stock, pointing to a shift in how investors should now evaluate the company.
5.5 Million ETH Accumulated Through 50 Stock Issuances Between July 2025 and June 2026, Bitmine issued stock 50 separate times, raising a total of $19.2 billion.
The firm deployed those proceeds into $ETH, accumulating 5,543,872 tokens — equivalent to roughly 4.6% of the token's total circulating supply.
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