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BitMine Immersion Inc. (NASDAQ:BMNR) is staring at a $4.21 billion Ethereum (CRYPTO: ETH) portfolio loss — a blow so large that BMNR has crashed back into its last major support zone.
Dropstab data shows that Bitmine invested about $14.01 billion into its ETH Strategy Portfolio, accumulating 3.51 million ETH at an average cost of $3,997 per token.
With Ethereum now trading around $2,790, the position has shifted deep into unrealized losses.
The portfolio's value sits near $9.81 billion, putting Bitmine down roughly $4.21 billion, or about 30% from its cost basis.
The decline is fully mark-to-market — the firm has generated zero realized profit, confirming that none of the ETH has been sold.
The past week alone added pressure.
The portfolio fell about $1.50 billion in seven days, tracking Ethereum's 12.33% weekly slide.
The move shows how sensitive Bitmine's position is to even moderate ETH weakness due to the massive size of its exposure.
BMNR Price Action (Source: TradingView)
Shares of BMNR have dropped sharply over the past two months after the stock failed to hold the mid-$40s in early October.
Price is now sitting inside the $25–$27 support zone, the same area that acted as the base for the entire summer move.
The trend is still down as every bounce since September has been weaker than the one before it, and the stock continues to trade under short-term moving averages — a simple sign that demand has faded and sellers are still in control.
The key level is $25. If this floor holds, BMNR can attempt a basic rebound toward the low $30s.
If it breaks, the stock falls back into the $20–$25 range that existed before the July rally.
For buyers to take back control, BMNR needs to break the downtrend from September and push above $33–$35. Until that happens, the chart favors downside risk.
ETH Price Dynamics (Source: TradingView)
Ethereum dropped almost 7% earlier in the session before bouncing slightly, but the overall trend is still down.
ETH remains below all major moving averages, and the 20-day and 50-day EMAs continue to act as firm resistance on every rebound attempt.
A clean downtrend from the November high is still rejecting price.
ETH already lost the $2,900 support band and is now sitting on the $2,750 demand zone.
If this level breaks, the next major area sits much lower between $2,450–$2,300.
The Parabolic SAR is still above price, which simply means sellers are in control.
For bulls to regain any traction, ETH needs to reclaim $3,050.
Until that happens, the pressure on Bitmine's massive ETH position — and on BMNR sentiment, will stay heavy.
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