Trader Flood, posting as @ThinkingUSD, shared a dashboard on November 13 estimating BitMine's unrealized loss on Ethereum holdings at roughly $8.83 billion, calling ETH a "contender for the worst asset of all time."
The dashboard reported 6,070,092 ETH holdings as of November 8 paired with an average cost of $3,380 per coin dated August 31. BitMine's November 9 release confirmed the November 8 ETH holding but provided no updated aggregate purchase cost basis.
BitMine's August 31 annual accounts filed November 10 reported 5,901,837 ETH at a cost basis of approximately $19.95 billion. The dashboard's $20.52 billion cost figure appears to apply the August average cost to the larger November holding, extrapolating across two separate reporting dates without confirmation of actual acquisition costs for the additional holdings.
The dashboard's market valuation was not dated. Using a Coinbase reference price of $2,234 per ETH from the November 8 snapshot, the displayed $11.69 billion market value would yield the stated unrealized loss figure. This represents an estimated mark-to-market gap rather than realized losses.
Flood cited money lost to hacks, development costs, and retail losses from Ethereum price movements but supplied no figures or comparative data to support the "worst asset" characterization.
BitMine's chairman maintained a bullish Ethereum thesis in the November 9 release, describing ETH as trusted collateral and citing tokenization and artificial intelligence as supporting factors for its role as a store of value. The company reported 5,227,037 staked ETH as of November 8, distinct from the unrealized market-price gap presented in the dashboard.
