BitMine Immersion Technologies is entering a high-risk phase as paper losses on its Ethereum holdings continue to deepen. The stock has failed to hold recent rebounds, while both technical and crypto-linked signals point to weakening conviction.

As of February 10, BitMine’s total invested capital stood at nearly $15 billion. Its current portfolio value has dropped to about $7.7 billion.

This means nearly 49% of its investment value has been wiped out, on paper. At the same time, Ethereum trades near $1,950, while BitMine’s realized cost basis sits around $3,850. With ETH priced almost 50% below the average buy level, most holdings remain deeply underwater.

BitMine’s biggest weakness is its shrinking margin of…