Tom Lee says losses in ETH are part of the strategy.

• BitMine holds onto its Ethereum holdings despite losses.
• Tom Lee defends corporate strategy with cryptocurrencies.
• ETH reserves remain a focus for listed companies.

BitMine's president, Tom Lee, refuted criticisms that unrealized losses in Ethereum could put pressure on the cryptocurrency's price in the future. He argues that negative fluctuations are part of the model adopted by companies that hold corporate treasury in cryptocurrencies.

The statements came after comments on social media suggested that BitMine was accumulating billions of dollars in accounting losses on its ETH reserves. Some of the criticism pointed out that, at some point, the company might sell the assets, creating a limit to the appreciation of Ethereum.

Lee objected He stated that the purpose of the Ethereum treasury is to track the asset's performance throughout complete market cycles. "These tweets don't understand the purpose of an Ethereum treasury," he wrote in response to the claims.

Related Stories

Tom Lee sees gold as strong and Bitcoin stuck in the short term.

31/01/2026

Tom Lee's Bitmine Immersion already controls 3,4% of the Ethereum supply.

19/01/2026

With the recent drop in the price of ETH, both the market value of BitMine's reserves and the company's shares have fallen significantly. Even so, the executive highlighted that this behavior is similar to that of index funds, which also register losses during downturns.

Commenting on the impact of these variations, Lee was direct: unrealized losses “are not a bug, but a feature.” The comparison seeks to reinforce that the strategy is not focused on short-term trading, but on structural exposure to the Ethereum ecosystem.

BitMine holds one of the largest known corporate reserves of ETH, with millions of units under custody. This volume represents a significant portion of the network's circulating supply, keeping the company at the center of discussions about the role of listed companies in the cryptocurrency market.

During the recent correction period, companies holding Ethereum holdings began trading at larger discounts relative to the value of their digital assets. This indicator, known as mNAV, influences these companies' ability to issue new shares to purchase more cryptocurrency.

Proponents of the model argue that this dynamic can limit dilution during downturns, preserving capital for more favorable periods. Even under market pressure, BitMine continued to expand its position and strengthen its ETH staking operations.

Lee maintains the view that Ethereum plays a central role in blockchain-based financial infrastructure. "In short: Ethereum is the future of finance," he wrote, reiterating his conviction in the company's long-term strategy.