TechFlow News, February 4: According to The Block, Tom Lee, Chairman of BitMine, recently responded to criticism regarding the company’s $6.6 billion in unrealized ETH losses—criticism that claimed such losses would constrain Ethereum’s future price—stating that unrealized losses during market downturns are a “feature, not a bug.” As the largest corporate holder of Ethereum—holding approximately 4.285 million ETH, or 3.5% of the circulating supply—BitMine’s stock has recently declined roughly 30%, mirroring ETH’s price drop. Despite the market slump, BitMine continues to increase its ETH holdings and attract institutional investor attention, including from Ark Invest. Lee remains steadfast in his belief that Ethereum is “the future of finance,” and short-term price volatility will not affect BitMine’s long-term ETH holding strategy.
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