Tom Lee responds to Bitmine's $6.6 billion unrealized loss: unrealized losses are not a system flaw but part of the product design.

ZkProver · 2026-02-04T10:57:56+00:00

Ethereum treasury company Bitmine's ETH holdings have a floating loss of $6.6 billion. Chairman Tom Lee responded, stating this is a market misunderstanding. The holding loss is part of the product design, emphasizing that the company has no debt and that ETH's long-term potential remains huge.

ZkProver

2026-02-04 10:57:56

Abstract generation in progress

ChainCatcher message, regarding market disclosure data, states that the ETH holdings of Ethereum treasury company Bitmine have an unrealized loss of up to $6.6 billion. The company’s chairman, Tom Lee, responded on the X platform, saying that some market opinions misunderstand the operational logic of the Ethereum treasury. Bitmine’s core goal is to track ETH prices and strive for excess returns throughout the full market cycle. When the crypto market is in a downturn, a synchronized decline in ETH prices is normal.

The “unrealized loss” in ETH holdings that appears at this stage is not a system flaw but part of the product design, and he questions whether similar criticism should be directed at index ETFs that incur losses during downturns.

Tom Lee also emphasized that Bitmine has no liabilities. Given the strengthening fundamentals of Ethereum, recent market corrections are “very attractive,” and in the long term, Ethereum will remain an important infrastructure for the future financial system.

ETH-3.54%

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