Dark Clouds Over Crypto Company Strategies as Ethereum Plummets, Tom Lee's Bitmain Faces $1.7 Billion in Unrealized Losses

On November 5th, the price of Ethereum (ETH) temporarily fell below $3,200, dropping in tandem with Bitcoin and tech stocks. Since its peak in August, it has fallen by 30%, entering a bear market, Bloomberg reported on the same day. Bitmain Immersion Technologies, chaired by well-known Wall Street analyst Tom Lee, is reported by research firm 10x Research to be holding $1.7 billion (approximately 260 billion yen) in unrealized losses. The company had acquired 3.4 million ETH at an average price of $3,909, but the current price stands at $3,398, significantly below its average acquisition cost.