BitMine's unrealized loss exceeds $6 billion, but Tom Lee claims this is "part of the plan," as Ethereum whale fragmentation intensifies.

As Ethereum prices continue to weaken, global large-scale Ethereum asset management firm BitMine Immersion Technologies is under unprecedented accounting pressure. Data shows that the company’s unrealized losses have exceeded $6 billion. However, Chairman Tom Lee stated that this is an inherent feature of their Ethereum reserve model and not a management mistake.

Market data indicates that Ethereum has fallen over 24% in the past week, dropping to $2,109 at one point, hitting a multi-month low. The price correction has directly amplified the unrealized losses of digital asset reserve companies. CryptoQuant data shows that BitMine’s current Ethereum paper losses are approximately $6.4 billion. Despite concerns that such a large holding could limit future price flexibility, Lee responded on social media that the company’s structure is designed to track and amplify Ethereum’s performance over its full cycle, and the short-term pullback is merely a temporary phenomenon.

“When the market weakens, BMNR’s holdings naturally show unrealized losses, which is a result of the market mechanism itself,” Lee said, reiterating his long-term view on Ethereum’s value.

On-chain data also shows that BitMine has not exited the market due to the decline. Over the past month, the company increased its holdings by more than 141,000 ETH, bringing the total to approximately 4.285 million ETH. Meanwhile, some dormant addresses and large off-market funds have been accumulating at low prices, indicating that some long-term capital is still adding positions.

However, the market is not one-sided. Trend Research, led by Jack Yi, is accelerating its reduction of holdings. On-chain monitoring shows that the organization has recently transferred out a large amount of ETH, totaling over 150,000 ETH. During its deleveraging process, it has incurred losses of over $500 million and faces further liquidation pressure due to downward movement.

On one side, BitMine continues to expand its holdings, while on the other, Trend Research is actively reducing its positions. This strategic divergence highlights the game dynamics of the Ethereum market in February 2026. Amidst volatile price swings, institutional risk and cycle assessments are shaping the next phase of market direction.