Large ETH Treasury Positions Under Pressure as Price Trades Below Cost Basis
Recent portfolio disclosures show BitMine’s Ethereum treasury strategy currently sitting on a sizable unrealized drawdown as ETH trades near the $2.3K range, significantly below the firm’s estimated average acquisition levels around $3.8K.
With exposure now exceeding 4 million ETH, the decline translates into multi-billion-dollar unrealized losses. However, the firm continues accumulating and staking, indicating a strategy focused on long-term network participation rather than short-term price performance.
From a mark