Bitmine Immersion Technologies (BMNR), the world's largest Ethereum-focused financial company, currently has nearly $8 billion in paper losses after selling Ethereum. $ETH$1,963.25 It fell below $2,000 on Thursday.
The company, led by Wall Street mogul Thomas Lee, has amassed $4.29 million. $ETH The estimated cost is $16.4 billion, according to DropStab data. That stash is worth just $8.4 billion at current prices.
BMNR stock fell another 9% on Thursday, its lowest since the company converted to an Ethereum strategy. The stock is now down 88% from its July high as investors grow concerned about the company's performance. $ETH Exposure and price collapse.
Despite the sharp drawdown, BitMine is not under immediate pressure to liquidate its assets. Unlike many other digital asset vaults, the company used equity issuance rather than borrowed funds to fund its Ether purchases and other investments.
The company also has $538 million in cash and has started generating income from over $2.9 million in staking. $ETHAccording to Monday's update.
“There's no pressure to sell anything.” $ETH “At these levels, as there are no debt covenants or other restrictions/covenants,” Thomas Lee said in a statement, “Bitmine is positioned to weather the volatility of cryptocurrencies while earning recurring revenue and staking rewards.”
