Tom Lee Backs BitMine as Ethereum Treasury Faces $6.6 Billion Unrealized Loss

On Tuesday, Fundstrat co-founder Tom Lee defended Ethereum-focused treasury firm BitMine (BMNR) after critics highlighted about $6.6 billion in unrealized losses from its ETH holdings. Lee argued that the drawdown reflects how an asset-tracking vehicle works and dismissed claims that BitMine served as "exit liquidity" for large Ethereum holders.