Tom Lee Responds To $6.6B ETH Loss: ‘It’s Not A Bug, It’s A Feature’
BitMine (NYSE:BMNR) chairman Tom Lee defended the company’s $6.6 billion unrealized loss on Ethereum (CRYPTO: ETH) holdings, calling the losses “a feature, not a bug” after critics accused him of being “exit liquidity” for early ETH whales.
Lee’s Defense
X user Flood accused Lee of being “the final exit liquidity for OG ETH whales,” arguing that BitMine’s $6.6 billion unrealized loss represents future selling pressure that will cap Ethereum prices.
Lee pushed back on the criticism.
He argued that critics miss the fundamental point of running an Ethereum treasury—BitMine is designed to track ETH’s price and outperform over complete market cycles, not avoid losses during downturns.
His key defense: “It’s not a bug, it’s a feature,” Lee wrote, comparing BitMine’s unrealized losses to any index ETF that declines during market selloffs.
The company accepts mark-to-market …
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