Updated: 2026-05-30
- Ethereum’s falling price is creating unrealized losses for the company. BitMine, which accumulates ETH.
- In combination with the outflow of funds from Ethereum-ETF BitMine shares may fall significantly in price.
BitMine, the largest Ethereum holder, could face major challenges this year. The company currently holds 5,28 million tokens. Ethereum, which is 4,37% of the circulating supply.
Now the price Ethereum ETH is approaching a local correction after falling 18% from its peak in May of this year. On May 30, ETH was trading at $2023, down 30% since July 2025, when BitMine began accumulating, and down 60% from last year’s high.
The decline suggests a rise in unrealized losses. In its most recent reports, the company reported an unrealized net loss of $3,8 billion, a trend that could continue in the near future.
ETH fundamentals have continued to weaken this year. In particular, data show that from spot ETF + Ethereum In May, the worst month of the year, there was an outflow of $540 million. In total, these funds have lost almost $1 billion in assets for the year.
Dominance Ethereum in key areas also continues to deteriorate. For example, total locked value (T) in its decentralized financial (DeFi) ecosystem has fallen to $42 billion from last year’s peak of $88 billion.
Data Defillama
At the same time, the price continues to decline Ethereum helped BitMine accelerate the implementation of its dollar-cost averaging strategy. Its essence is that investors buy a falling asset over a long period in the hope of making a big profit when it recovers.
BitMine stock chart. Data from TradingView
Technical analysis indicates that BMNR shares are at a significant support level. The price has fallen to $19,27, while critical support is at $18,30, the lowest level seen in February, March, and May.
The stock price has fallen below its 50-day moving average and is gradually forming a bear flag. This pattern consists of a vertical line and a horizontal channel. It often leads to further declines.
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