PANews reported on February 4th that, according to The Block, BitMine Chairman Tom Lee refuted claims that unrealized Ethereum losses would suppress future ETH prices. He stated that unrealized losses during market downturns are "a characteristic, not a flaw, of Ethereum's treasury strategy," and pointed out that such pullbacks are an expected part of the market cycle.

Previously, some market commentators claimed that BitMine held approximately $6.6 billion in unrealized losses, and that its accumulated Ethereum would eventually create selling pressure and limit price increases. Lee responded that this view misunderstood the Ethereum treasury's positioning, emphasizing that BitMine aims to track Ethereum prices and achieve excess returns throughout a complete market cycle. He likened this to an index ETF incurring losses during a broad market downturn.