TechFlow News, February 23: According to Cointelegraph, as the crypto market continues its downward trend, corporate Ethereum (ETH) reserve companies are facing mounting pressure. Bitmine—the world’s largest ETH holder—has incurred unrealized losses of approximately $8.8 billion. The current ETH price is far below its average acquisition cost of $3,843, with a 60% decline over the past six months. Despite widening unrealized losses, Bitmine acquired an additional 45,749 ETH last week at an average cost of roughly $1,992, signaling unwavering confidence in Ethereum’s long-term value. Eleven major shareholders—including Morgan Stanley, Ark Investment Management, and BlackRock—increased their stakes in Bitmine during Q4 2025. Bitmine’s stock price has fallen approximately 59% over the past six months.
Other corporate ETH holders are similarly under pressure: SharpLink Gaming—the second-largest Ethereum reserve company—is currently sitting on unrealized losses of about $1.4 billion, with an average acquisition cost of $3,609; The Ether Machine—the third-largest holder—holds 496,712 ETH and faces unrealized losses nearing $948 million, with an average cost of approximately $3,788.
Crypto research firm 10x Research notes that ETH’s current price has reached a critical valuation and cost benchmark range, placing the market at a pivotal juncture to determine whether this downturn represents a cyclical correction or a structural weakening. On-chain data shows that “smart money” is currently net short ETH by approximately $67 million; however, whale addresses have increased their spot ETH purchases over sixfold in the past week, collectively acquiring around $44 million worth of ETH. Additionally, newly created wallets have net-purchased approximately $245 million worth of spot ETH over the past 15 days.
