Tom Lee's Ethereum Treasury Holds 3.6M ETH, Yet Bitmine Stock Plummets 81%: What Happened?

BitMine Stock Decline: BitMine's stock has plummeted 81% in less than five months, reflecting broader losses in digital asset treasuries, despite the company accumulating 3.63 million ETH tokens, which is about 3% of the total supply.

Poor Investment Timing: The company's strategy of leveraging public equity to fund crypto purchases resulted in significant unrealized losses, with estimates suggesting over $4 billion in losses due to poorly timed buys at high ETH prices.

Market Context: The decline in BitMine's stock is part of a larger trend affecting crypto-focused treasury firms, with many experiencing substantial losses as the overall crypto market cap dropped by 15% in 2025.

Future Outlook: Despite Tom Lee's bullish stance and recent ETH purchases, structural risks such as potential delisting and ongoing market volatility pose challenges for BitMine's recovery and the viability of its treasury strategy.