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Tom Lee’s BitMine ETH holdings are down $8B as crypto crashes

BitMine’s ETH holdings surpassed an unrealized loss of over $8B today despite spending $16B on the cryptocurrency.

Even Ethereum treasury companies are selling ETH to pay off debt

This month, Peter Thiel-backed treasury ETHZilla sold $74.5M of its ETH holdings to retire some of its bonds.

Shares of the world’s largest publicly traded ETH treasury company, BitMine Immersion Technologies, have crashed by over 80% since June 3.

On Sunday, Ethereum users were unstaking $4 billion worth of ETH from the network due to two impactful headlines from finance.

The individual who accidentally paid a $112,000 ETH gas fee, and is now pleading for the receiver to return it, will unlikely get it back.