On February 23, 2026, the cryptocurrency market experienced a significant correction, causing the price of Ethereum to fall below $1900. Against this backdrop, the amount of unrealized loss for the largest public holder of Ethereum — BitMine — exceeded $8.4 billion.
This is reported by Business • Media
BitMine’s Position in the Ethereum Market
BitMine currently controls a portfolio of 4.37 million ETH. The last asset acquisition took place on February 9, 2026, when the company purchased 45,759 ETH. The average purchase price for the entire portfolio is $3843 per coin. Given the current market price of Ethereum at $1911, the market value of BitMine’s assets is currently $8.36 billion, significantly lower than their acquisition cost.
Stock Dynamics and Analyst Opinions
Despite the substantial paper loss, BitMine’s shares remain above the threshold value of mNAV (Market Net Asset Value), which reflects the ratio of the company’s crypto asset value to its market capitalization. At the time of writing, this indicator stands at 1.04, exceeding the critical value of 1. This situation is explained by the high demand for BitMine shares among large institutional investors.
According to Lookonchain, BitMine’s paper loss could have reached as much as $8.8 billion, as the price of Ethereum fell even lower than $1900 on February 23.
“Currently, Ethereum is trading at a valuation and cost level where its fundamental value is undergoing structural verification. Therefore, investors need to carefully assess whether the asset is simply in a cyclical downturn or entering a phase of deeper structural deterioration.”
BitMine’s shares, like those of most treasury companies (DATs), are currently trading at a discount. Over the past five days, the value has declined by 2.5%, and on the monthly chart, it has decreased by 31.8%