10xResearch: Bitmine lost more than $10 billion but implied free call options were not priced

According to 10xResearch, Bitmine raised US$19.2 billion through 50 equity offerings between July 2025 and June 2026, all of which were used to purchase approximately 5.54 million ETH units (accounting for 4.6% of the circulating supply), with a weighted average purchase price of approximately US$3526.<br /> The current ETH price is about US$1650, and its ETH treasury value is only US$9.1 billion. The company's overall loss reaches US$10.1 billion, with a retracement of 52%. Among them, investors repeatedly paid premiums relative to the net asset value of the underlying ETH when purchasing stocks, and had paid a cumulative amount of US$4.6 billion more before the ETH price fell. These two types of losses (price decline loss + premium loss) come at the same time.<br /> Although Bitmine suffered heavy losses and ETH is difficult to recover in the short term, the report pointed out that when stocks fall deep enough, the underlying assets are almost irrelevant, and what investors buy is actually purely optional-that is, free call options for ETH to rebound in the future, which have not yet been fully priced by the market.