Tom Lee's BitMine Ethereum Gambit Close To Being 'Worst Trade Ever,' Says Ross Gerber As Company Faces Billions In Paper Losses

Benzinga02-02 16:51

Renowned investor Ross Gerber slammed BitMine Immersion Technologies Inc.‘s (NYSE:BMNR) strategy on Sunday amid massive unrealized losses on its Ethereum (CRYPTO: ETH) position.Will BitMine’s Strategy...

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Having poured $15.65 billion into these investments, the company is staring down unrealized losses of a massive $6.65 billion as of this writing.\n\nAre Treasury Models The Future Or A Flop?BitMine didn’t immediately return Benzinga’s request for comment on Gerber’s remarks.Impact Of ETH’s Recent DeclineBitMine pivoted to an ETH treasury company last year, roping in Wall Street veteran and Fundstrat co-founder Lee as the company's chair. The firm has grown to become the largest corporate holder of Ethereum, currently sitting on a cache of 4.243 million ETH.However, ETH’s decline has impacted its financials. The second-largest cryptocurrency has fallen more than 10% since BitMine launched its ETH treasury pivot in June 2025.Meanwhile, Lee urged investors not to abandon ETH out of FOMO, suggesting that  \"astounding and impressive\" gains in metals have sucked investor attention away from themes like AI and cryptocurrency.Price Action: At the time of writing, ETH was exchanging hands at $2,221.96, down 7.51% in the last 24 hours, according to data from Benzinga Pro.BitMine shares closed 5.99% hours lower during Friday’s regular trading session. Year-to-date, the stock has dived over 7%.BMNR maintains a weaker price trend over the short, medium, and long terms with a very high Momentum ranking, according to Benzinga’s Edge Stock Rankings.Photo courtesy: ShutterstockMarket News and Data brought to you by Benzinga APIs© 2026 Benzinga.com. Benzinga does not provide investment advice. 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