TechFlow News, June 10: 10x Research stated that Bitmine raised a total of $19.2 billion through 50 equity offerings between July 2025 and June 2026, allocating nearly all proceeds to purchase 5,543,872 ETH—approximately 4.6% of the circulating supply. At an ETH price of $1,650 per coin, Bitmine’s current ETH holdings are valued at roughly $9.1 billion, resulting in an unrealized loss of approximately $10.1 billion for investors—a 52% drawdown relative to invested capital.
The report attributes this loss to two factors: first, ETH’s price has declined 52% from Bitmine’s weighted-average acquisition cost of $3,526 per coin; second, investors paid a cumulative premium of roughly $4.6 billion over ETH’s net asset value when purchasing Bitmine shares. 10x Research also noted that while ETH’s near-term recovery outlook remains uncertain, Bitmine’s current depressed stock price may reflect an implicit optionality not yet fully priced by the market.
