Tom Lee’s Crypto Rollercoaster: $6B Loss? Just a Tuesday!

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Ethereum
ETH $2,254
24h volatility: 0.9%
Market cap: $271.87 B
Vol. 24h: $46.92 B

Oh, darling, grab your popcorn! Treasury firm Bitmine is having a moment as its BMNR stock takes a nosedive faster than my last Tinder date’s interest in commitment. Blame it on the market, blame it on Mercury in retrograde, but let’s face it-crypto is moodier than Bridget Jones on a bad hair day.

Based on Ethereum’s current price, Bitmine is staring at roughly $6 billion in unrealized losses. Ouch. That’s more than my credit card bill after a Selfridges spree. But fear not! Chairman Tom Lee is here to save the day, clutching his spreadsheet like it’s the last pair of Manolo Blahniks in a size 7.

Bitmine Bets the Farm on Ethereum-Literally

According to Yahoo Finance (yes, the same place I check my horoscope), BMNR stock slipped by 2% on February 3. Pre-market trading? Down 1%. Coincidence? I think not. It’s all because Bitmine’s Ethereum stash is looking about as healthy as my New Year’s resolution to cut out carbs.

With 3.5% of the circulating ETH supply (valued at $9.9 billion), Bitmine has racked up billions in unrealized losses. Ethereum dipped to $2,274 per coin, and Bitmine’s 3.7 million ETH-purchased for $15 billion-is now worth a mere $8.41 billion. That’s $6.6 billion in losses, darling. Someone pass the Pinot Grigio.

Tom Lee, ever the optimist, defended the losses by blaming the crypto crash. Apparently, it’s all part of Bitmine’s brilliant Ethereum treasury strategy. Right. Because who doesn’t love a good $6 billion paper cut?

These tweets miss the point of an Ethereum treasury: BitMine is designed to track the price of $ETH-outperform over the cycle (think up ETH)-crypto is in a downturn, so naturally ETH is down. $BMNR will see “unrealized” losses on our holdings of ETH during these times. Sips tea.

– Thomas (Tom) Lee (not the drummer) FSInsight.com (@fundstrat) February 3, 2026

Lee insists the firm is designed to follow Ethereum’s price and beat it over a cycle. Execution? Flawless. Results? Well, let’s just say my dating profile has a higher success rate.

Bitmine Doubles Down-Because Why Not?

Here’s the kicker: Bitmine is still buying ETH like it’s going out of style. On January 26, they snapped up 41,788 Ethereum, because apparently they’re all-in on this crypto rollercoaster. They even staked an additional 209,504 ETH on January 27, with Lee predicting a massive comeback for Ethereum after a gold rally. Bold move, Tom. Bold move.

Other firms are following suit, piling into crypto like it’s the last slice of pizza at a party. One whale recently bought 33,000 ETH (worth $76.6 million) and 250 Coinbase Wrapped BTC (CBBTC) for $18.95 million. Because, you know, why not?

So, is Bitmine’s $6 billion loss a disaster or just a Tuesday in the crypto world? Only time will tell. In the meantime, I’ll be over here sipping my Chardonnay and wondering if I should invest in wine instead.

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2026-02-04 15:06