Tom Lee’s BitMine is now down $6 billion on Ethereum (ether) bets

Ether slid toward the $2,300 level on Saturday as selling accelerated across major tokens.

The timing of BitMines latest purchases has put its balance-sheet strategy back in focus. Corporate crypto treasuries have become a prominent feature of the current cycle, but heavy exposure can amplify swings when markets turn and bids fade.

Losses have also mounted as forced selling rippled through derivatives markets, adding momentum to the decline. Liquidations across major venues picked up alongside ethers drop, compounding pressure on spot prices.

Company chairman Tom Lee has recently struck a more cautious near-term tone.

While remaining constructive longer term, he has warned that the market is still working through deleveraging and that early 2026 could be rough before conditions stabilize.

In a recent interview, he pointed to Octobers sharp sell-off — which wiped out roughly $19 billion in market value — as a break that reset positioning across crypto.

BitMine has previously said part of its ether position is staked, estimating annual staking revenue of around $164 million. That income stream, however, fluctuates with network yields and does little to offset large price swings during fast drawdowns.