A public debate has emerged around Bitmine Immersion Technologies’ ethereum holdings. An X user claimed Bitmine’s ETH position is currently down roughly $6.6 billion on paper and suggested that the company’s eventual selling could cap ethereum’s future price. According to the post, the accumulated ETH represents future supply that could weigh on the market if liquidated.

Lee responded directly, rejecting the framing of unrealized losses as a flaw in Bitmine’s strategy. He emphasized that Bitmine operates as an ethereum treasury company, meaning its performance is inherently linked to ETH price cycles.

“These tweets miss the point of an ethereum treasury,” Lee said, explaining that Bitmine is designed to track ETH’s price over time and outperform across full market cycles rather than short-term moves. He added that during crypto downturns, unrealized losses are expected and unavoidable for any vehicle holding the underlying asset.

Lee likened the criticism to pointing out temporary drawdowns in index-tracking ETFs during market corrections. “It’s not a bug, it’s a feature,” he said, arguing that volatility is part of the structure when holding a long-term position in a growth asset like ethereum.

He also dismissed the idea that unrealized losses imply imminent selling pressure, suggesting instead that Bitmine’s approach is built around long-term conviction rather than tactical exits. According to Lee, ethereum’s role in decentralized finance and digital infrastructure remains intact despite current market weakness.

Read more: Tom Lee: Gold and Silver FOMO Is Setting up Next Crypto Rotation

For now, Bitmine appears committed to its ETH-focused thesis. Lee closed his response with a clear statement of belief: ethereum remains “the future of finance.”

• Why is Bitmine being criticized over its ETH holdings?
  Critics claim large unrealized ETH losses, arguing the position could pressure future prices.
• What is Tom Lee’s response to the loss claims?
  He says unrealized losses are normal in an ETH treasury strategy tied to long-term cycles.
• Does Bitmine plan to sell its ethereum holdings?
  Lee rejects that idea, stressing long-term conviction rather than short-term liquidation.
• What does this mean for ethereum investors?
  The debate highlights how treasury-style ETH strategies face scrutiny during market downturns.

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