10x Research: Bitmine’s cumulative losses amount to approximately $10 billion, yet its current valuation may not fully reflect its embedded option value.
10x Research stated that Bitmine raised a total of $1.92 billion through 50 equity issuances between July 2025 and June 2026, allocating nearly all proceeds toward purchasing 5,543,872 ETH—approximately 4.6% of the circulating supply. At $1,650 per ETH, its current reserve value stands at roughly $9.1 billion, resulting in an unrealized loss of approximately $10.1 billion for investors, representing a 52% drawdown from invested capital.
