The post Tom Lee Defends Bitmine as Ethereum Crashes to $2,273 appeared on BitcoinEthereumNews.com.

Key Notes BMNR stock dropped by roughly 2% as the broader crypto market struggles to recover. Investors blame Bitmine’s $6 billion unrealized losses for the crash in BMNR value. Bitmine is still buying more Ethereum as Tom Lee is unfazed by the market outlook. Ethereum ETH $2 253 24h volatility: 1.6% Market cap: $271.87 B Vol. 24h: $46.77 B treasury firm Bitmine has seen its BMNR stock decline sharply amid a broader market downtrend. Based on the current price of Ethereum, Bitmine now faces roughly $6 billion in unrealized losses. Chairman Tom Lee defended the firm’s position, pointing to the overall weakness in the market as the primary factor. Bitmine Stakes More Than 50% of Ethereum Holdings Data from Yahoo Finance shows that BMNR stock slipped by almost 2% at the close of trading on February 3. During the pre-market trading session, it also declined by nearly 1%. This outlook is suspected to be connected to the health status of Bitmine’s Ethereum holdings. With 3.5% of the circulating ETH supply in its stash, valued at $9.9 billion, this firm has recorded more than billions in unrealized losses. Ethereum has fallen to as low as $2,274 per coin. Bitmine holds a total of 3.7 million ETH as of November 30, purchased for around $15 billion. At the current price, this holding is worth roughly $8.41 billion, leaving the firm with about $6.6 billion in unrealized losses. The size of these losses has contributed to the decline in BMNR’s stock value. Tom Lee defended the company’s increasing paper losses, linking it to the crypto crash. He explained that the drawdown had to do with the design of its Ethereum treasury strategy. These tweets miss the point of an ethereum treasury:– BitMine is designed to track the price of $ETH– outperform over the…

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Filed under: News - @ February 4, 2026 12:23 pm