Tom Lee, chairman of BitMine Immersion, defended the company’s staggering $6 billion in unrealized losses from its ether holdings, framing it as an intentional aspect of their long-term strategy. Rather than viewing these losses as a failure, Lee emphasizes that BitMine is designed to track and potentially outperform ether over a complete market cycle, similar to an index fund. He argues that such losses are expected during downturns, like the current crypto market slump, where the value of their 4.24 million ETH has dropped significantly from nearly $14 billion in October to about $9.6 billion. Despite the downturn, BitMine continues to accumulate ETH and generate staking revenue. Lee pointed out that the firm added over 40,000 ETH shortly before the latest price drop, raising concerns about how their extensive holdings are affected by market volatility. He likens their strategy to that of other firms focused on long-term positions in volatile markets, which accept short-term losses as part of maintaining exposure to a core asset. However, with price fluctuations greatly impacting their reported results, Lee acknowledges that the current crypto deleveraging phase may continue into early 2026, putting further pressure on the market.