$BMNR goes to 0

BitMine is a crypto treasury company

The ETH loss — one of the largest in history

Metric Value Source
ETH held ~5.42 million ETH SEC 8-K, Jun 1 2026
Avg. cost (company) ~$2,840 / ETH Company press release, Nov 2025
Avg. cost (on-chain) ~$3,821–$3,997 / ETH Lookonchain, Parameter.io
Total capital deployed ~$16.4–$17.6 billion Parameter.io, Gate.com
Current value ($1,555) ~$8.43 billion Calculated
Unrealized loss ~$8.0–$9.2 billion Calculated
Peak unrealized loss $10.3 billion KuCoin / Artemis

Competing for history

Largest single-firm trading losses ever recorded — Wikipedia: "List of trading losses"

# Firm Loss Year
? BitMine $BMNR $8.0–9.2B 2025–26
1 Archegos Capital $10B 2021
2 Morgan Stanley (Hubler) $9B 2008
3 JPMorgan "London Whale" $9B 2012
4 Société Générale (Kerviel) $7.2B 2008

The company is now sitting on a loss that would rank #1 or #2 in corporate history.

Company built on lies

BitMine claimed avg. cost $2,840
vs
Lookonchain on-chain reality $3,997

A 41% discrepancy — confirmed by multiple independent analysts at $3,800–$4,000/ETH

BitMine has never addressed this gap or provided accounting documentation for its ETH acquisitions.

Tom Lee's ETH predictions

Chairman of $BMNR · The face of BitMine

Date Prediction ETH today
Nov 2025 $7,500 by year-end 2025 $1,555 ✗
Sep 2025 $5,500 in "next couple of weeks" $1,555 ✗
Sep 2025 $10,000–$12,000 by year-end 2025 $1,555 ✗
May 2026 $9,000–$22,000 by year-end 2026 $1,555 ✗
Jun 2026 $250,000 (ultimate target) $1,555 ✗

Every single past prediction has failed.

Doesn't $ETH look bearish to you?

ETH price chart

What does that mean for BitMine — a company whose entire existence depends on $ETH going up?

The death spiral

How $BMNR goes to 0 — step by step

01 ETH stays flat or falls → $9B unrealized loss grows
↓
02 Stock trades below NAV → issuing new shares destroys value
↓
03 Raising machine stops → can't buy more ETH
↓
04 Institutions exit → stock collapses
↓
05 No revenue to cover operations → equity → 0
Pop The Bubble

Video created for Pop The Bubble Hackathon 🫧

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