10x Research sees upside for Bitmine despite $10B ETH loss

According to a report from 10x Research, while Bitmine has an unrealized loss of approximately $10 billion on its ETH investments, its current stock price includes a potential upside that the market is overlooking. The report noted that Bitmine raised $19.2 billion through 50 separate stock issuances between July 2025 and June 2026 to purchase 5,543,872 ETH, an amount representing approximately 4.6% of the token's total circulating supply. However, with the price of ETH falling from an average purchase price of $3,526 to around $1,650, the value of the company's holdings has shrunk to approximately $9.1 billion. The losses were compounded by investors purchasing the stock at a significant premium to its Net Asset Value (NAV), estimated at a total of $4.6 billion. 10x Research concluded that with the stock price now significantly lower, the potential for a future recovery has become more important than the underlying asset value, suggesting Bitmine has entered a new phase.