Tom Lee: BitMine’s $6+ Billion Unrealized ETH Losses ‘Part of the Plan’

BitMine’s Ethereum treasury is showing more than $6 billion in unrealized losses amid a sharp decline in ETH, with CryptoQuant data placing the paper losses at about $6.4 billion. BeInCrypto reported that ETH fell more than 24% over the past week and briefly touched lows near $2,109.

BitMine Immersion Technologies chairman Tom Lee defended the firm’s Ethereum-focused treasury model, saying the unrealized losses are “a feature, not a bug.” Lee argued the structure is designed to track ETH and potentially outperform it over a full market cycle, and pushed back against critics who view the holdings as a structural risk.

Despite the paper losses, CoinGecko data show BitMine bought more than 141,000 ETH over the past month, bringing its total to 4,285,125 ETH. On-chain activity also indicated other investors were accumulating during the dip, including linked wallets and an OTC whale that bought significant amounts.

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