"BitMine is sitting on $6.6bn in losses" criticism draws response… Tom Lee: "You’re missing the point of a DAT"

Tom Lee, chairman of BitMine, the world’s largest Ethereum (ETH) treasury holder, said recently that the company’s unrealized losses are "not the core of a digital asset treasury (DAT) company."

In a post on X on the 3rd (local time), Lee said, "(Focusing on unrealized losses) misses the point of an Ethereum DAT," publicly addressing BitMine’s surging unrealized losses after Ethereum’s price plunged.

Lee stressed that "(a DAT’s) goal is to outperform market returns across the entire cycle." He added, "BitMine is designed to track Ethereum’s price, so unrealized losses can occur when crypto declines," calling it "a feature, not a bug." He went on to ask, "Then should we scrutinize every loss posted by index exchange-traded funds (ETFs) one by one?" and concluded, "Ultimately, Ethereum is the future of finance."

Meanwhile, as of 9:30 p.m. today, Ethereum was trading at $2,235.89 on CoinMarketCap, down 2.48% from the previous day. That marks a drop of more than 26% compared with a week earlier. BitMine’s unrealized losses on its Ethereum holdings are said to have exceeded $6.6bn as of today.