That's right, the current floating losses are indeed significant. However, there are still quite a few investors who are "blind", including some institutions. First, let's take a look at the loss situation: Bitmine (BMNR) has cumulatively purchased over 5 million ETH (approaching or reaching 4-5% of the total ETH supply), with a relatively high average cost (around $3000-3800/ETH range, approximately $3400-3500) ETH prices have fallen sharply (currently below $2000), resulting in losses of over $10 billion. The company's stock plummeted 80-90% from its peak, resulting in a significant decrease in market value. Tom Lee's "Alchemy of 5%" strategy (heavy ETH+staking) is indeed painful during bear/adjustment periods, and the timing of buying is often ridiculed by many as a "high-level takeover". Why do some people still buy BMNR without opening their eyes? One is that long-term ETH believers are optimistic about ETH as a "future currency/settlement layer" narrative. They believe that now is the bottom, and future rebounds can cover losses and generate huge profits. Secondly, leveraged ETH position exposure: BMNR is a pure ETH treasure stock with staking returns (MAVAN annualized in the billions of dollars), which is an additional layer of company/liquidity premium compared to holding ETH directly. Some people consider it as an "enlarged version of ETH ETF". At present, some institutions such as ARK of Wood Sister, Founders Fund of Peter Thiel, as well as Pantera, Bill Miller and other institutions are still in place. The time and risk frameworks of these institutions (especially ARK, Pantera, Bill Miller) are different from those of individual investors. They may see BMNR as a high conviction infrastructure bet for the ETH ecosystem. In addition, the inclusion of Russell1000 may result in passive capital inflows (although not direct funds).