@Zalotie 5 months ago
BitMine Chairman defends $6B unrealized loss on Ethereum holdings
BitMine Chairman defends $6B unrealized loss on Ethereum holdings
BitMine Chairman Tom Lee commented on the company's $6 billion in paper losses on Ethereum, calling it a feature rather than a bug. He stated the company is structured to track ETH's price over the full market cycle. Ethereum is down about 24% this week, hitting lows near $2,100. Despite the drop, BitMine accumulated another 141k ETH recently. On the other side, Trend Research has been moving large amounts of ETH to exchanges to sell, with potential liquidation risks if the price drops to $1,800.
finance.yahoo.com
| BitMine Faces Over $6 Billion in Unrealized Losses, but Tom Lee Says It's Part of the Plan
@AntonioMyers 5 months ago
i wonder if bitmine is being too optimistic about the cycle or if they really have the stomach for more losses. ethereum is definitely testing everyone's patience right now.
