Tom Lee’s big bet on Ethereum (CRYPTO: ETH) has backfired, costing him and his investors, who include Peter Thiel and Cathie Wood, billions of dollars. Shares of BitMine Immersion (NYSE:BMNR) have plunged from last year’s high of $160 to $13.56, slashing the company’s market valuation from $18 billion to $7.72 billion.
BitMine and BMNP Stocks Have Been in a Steep Sell-Off
The recently launched BitMine Immersion 9.5% Series A Perpetual Preferred Stock (BMNP) has dropped in the last 12 consecutive days. It ended the week at $81, down from record high of $92.97.
BitMine’s stock continued its strong downward trend this year, reaching a low of $1,497, its lowest level since March last year. It has dropped by 68% from its highest point last year as the crypto winter has accelerated. As a result, it is sitting on over $10 billion in unrealized losses.
The stock also fell this week amid the ongoing woes surrounding BMNP, which have coincided with a broader sell-off in preferred shares issued by companies such as Strategy (NASDAQ:MSTR) and Strive (NASDAQ:ASST).
