BitMine Chairman Tom Lee issued a strong rebuttal today against growing market speculation that the company’s significant unrealized losses on its Ethereum (ETH) treasury holdings pose a structural barrier to future stock price appreciation. Lee dismissed these concerns during a quarterly investor call, famously stating the strategy was “a feature, not a bug.”
BitMine, which acquired a substantial ETH portfolio during the 2021 bull market peak, currently reports an unrealized loss of approximately $450 million on these holdings based on current market valuations. Analysts from institutions like BlackRockhorn Securities have suggested that the potential need to write down or liquidate these assets creates an overhang, effectively capping the company’s stock price (BMN) and inhibiting new institutional investment.
Lee countered this narrative by highlighting that the ETH is not merely held as a store of value but is actively utilized within the company’s DeFi and staking operations. “These are strategic assets underpinning our future growth verticals,” Lee explained. “The decision to maintain these holdings reflects a long-term commitment to the web3 economy. The current mark-to-market depreciation is purely cyclical noise; our utilization rate and underlying conviction in Ethereum’s scalability are the true metrics of value.”
He implied that liquidating the treasury now would be a strategic error, sacrificing future staking yields and decentralized application revenue for temporary accounting relief. Lee’s assertive defense appears to have calmed immediate market fears, with BMN shares rebounding slightly in after-hours trading. He concluded by reaffirming BitMine’s position: “We are building for decades, not quarters, and our ETH treasury is central to that vision.”
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