ChainCatcher message, regarding market disclosure data, states that the ETH holdings of Ethereum treasury company Bitmine have a floating loss of up to $6.6 billion. The company’s chairman, Tom Lee, responded on the X platform, saying that some market views have misunderstood 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 downtrend, a synchronized decline in ETH prices is normal.
The “unrealized loss” in ETH holdings that Bitmine has 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 down cycles.
Tom Lee also emphasized that Bitmine has no liabilities. Given the strengthening fundamentals of Ethereum, the recent market correction is “very attractive,” and in the long term, Ethereum will remain an important infrastructure for the future financial system.
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