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CryptoMedium•23 February 2026•

1 min read

Bitmine Faces $8.8 Billion Loss on Ethereum Holdings, Surpassing FTX Deficit

Digital illustration of cryptocurrency market downturn with a large Ethereum coin, Bitcoin and Solana logos, multiple charts showing losses, a red downward arrow, and scattered crypto coins.

Key Facts

1Bitmine is facing $8.8 billion in losses on its Ether holdings.

Analysis firm 10x Research has reported that Bitmine is currently facing staggering losses of $8.8 billion on its Ethereum (ETH) holdings. This massive deficit notably exceeds the losses experienced by customers during the high-profile collapse of the FTX exchange, sparking widespread concern. The scale of these unrealized losses has prompted 10x Research to issue urgent warnings regarding Ethereum's current market valuation. Analysts suggest that such a significant financial gap could signal potential instability or a fundamental overvaluation of the asset. The comparison to the FTX crisis has heightened market fears of potential liquidations or a broader price correction across the crypto ecosystem. Investors are now closely monitoring ETH/USD as sentiment turns increasingly cautious following these revelations.