BitMine’s Estimated $3.6B ETH Loss Overshadows Stock Edge

In Ethereum news, BitMine Immersion Technologies’ BMNR shares fell about 3% in the first nine months of 2026. That beat Ethereum’s roughly 10% decline by 731 basis points, according to Artemis data. Yet BitMine’s ETH treasury carries an estimated $3.6 billion unrealized loss. The comparison is relative: both assets lost value, and BMNR’s edge did not lift BitMine’s holdings above their estimated cost. ETH trades near $2,716, flat in the last 24 hours. BMNR is not a direct measure of ETH’s return. Buybacks and other company moves can affect the stock, while the treasury stays fully exposed to ETH’s price. BitMine is holding about 6.02M ETH, equal to roughly 4.9% of Ethereum’s total supply. Its ETH position is still sitting on an estimated $3.6B unrealized loss. ETH would need to rise to around $3,300 just for BitMine’s stack to get back to breakeven. BitMine stock is down 14%… pic.twitter.com/bZeGLoNtT2 — Satoshi Club (@esatoshiclub) October 6, 2026 Join Coinspeaker’s $1,000 Prize Drop on BybitEthereum News: Why Did BitMine Stock Beat Ethereum? BitMine Chairman Tom Lee linked the stock’s relative performance to several company actions and highlighted a 21 million-share buyback execu...