Tom Lee's Ethereum Bet Is Down $9 Billion | CoinDesk Daily

**Jennifer Sanasie** (0:00)
Tom Lee's ETH bet hits a $9 billion loss, and will SpaceX's IPO drain capital out of crypto? This is CoinDesk Daily.
Bitmine Immersion Technologies is sitting on an estimated $8.9 billion in unrealized losses on its ether treasury. The company holds more than 5.4 million ETH, which is worth roughly $10 billion, down sharply as ETH trades below $1,800.
Shares of BMNR are down significantly since early May and now trading below their February lows. SpaceX is targeting a $75 billion IPO at $135 per share, a deal that would value the company at $1.75 trillion. SpaceX's listing, combined with fundraising from OpenAI and Anthropic, could pull more than $240 billion in new capital by year-end, potentially siphoning liquidity from digital assets. And Goldman Sachs has launched a blockchain-native real estate fund alongside Apex Group and Artax. The fund tokenizes real estate shares using GSDAP, Goldman's proprietary blockchain platform. Real estate has been one of the tougher asset classes to tokenize at scale. Is Goldman's entry a signal that institutional infrastructure may be catching up? Get more updates on coindesk.com.