BitMine Immersion Technologies, a publicly traded cryptocurrency treasury company linked to investor Tom Lee, is carrying significant unrealized losses on its Ether holdings following the latest wave of market liquidations, underscoring the risks facing crypto balance-sheet strategies during sharp downturns.

After acquiring an additional 40,302 Ether last week and increasing its total holdings to more than 4.24 million ETH, BitMine’s unrealized losses have grown to over $6 billion, according to data from Dropstab, a platform that tracks digital asset prices and portfolio valuations.

Based on current market prices, BitMine’s Ether holdings are valued at roughly $9.6 billion, down from a peak of about $13.9 billion in October, reflecting the impact of the broader crypto sell-off.

The paper losses mounted as Ether’s price slid toward $2,300 on Saturday, a move that The Kobeissi Letter attributed to fragile liquidity conditions.

“In a market where liquidity has been choppy at best, sustained levels of extreme leverage are resulting in “air pockets” in price,” the market commentator said, adding that “herd-like” positioning amplified the sell-off.

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A difficult reset for crypto markets

Despite earlier optimism for the end of 2025, Tom Lee has warned that conditions have shifted, with 2026 likely starting on a “painful” note before any potential rebound later in the year.

In a recent interview, Lee said the crypto market is still feeling the effects of deleveraging, even as longer-term fundamentals remain intact. He pointed to the Oct. 10 market crash, which wiped out roughly $19 billion in value, as a key turning point that reset risk appetite across digital assets.

A recent assessment by market maker Wintermute echoed that view, arguing that a sustained recovery in 2026 will require structural improvements. These include renewed momentum in Bitcoin and Ether, broader exchange-traded fund participation, expanded digital asset treasury mandates and a return of retail inflows.

Wintermute said these factors are needed to restore a wider wealth effect across the market. Retail participation, however, remains limited as investors continue to gravitate toward faster-growing themes such as artificial intelligence and quantum computing.