[10x Research Reports Bitmine's Unrealized Loss of $10.1 Billion] 10x Research stated that Bitmine raised $19.2 billion between July 2025 and June 2026 to acquire 5.54 million ETH. Based on an ETH price of $1,650 per token, its reserves are valued at $9.1 billion, resulting in an unrealized loss of $10.1 billion for investors. The loss is attributed to the decline in ETH prices and a $4.6 billion premium. However, Bitmine's stock price may reflect the implied option value.