“Unrealized loss” only matters if you’re forced to sell. BitMine isn’t a hedge fund running leverage — it’s structured as an ETH treasury strategy. Big difference. Tom Lee positioned for volatility with: • Cash reserves • No structural debt pressure • ETH held as a long-duration asset, not a trade That means price drawdowns don’t equal balance sheet stress. Also worth noting: Ethereum’s fundamentals today are stronger than in previous cycles: • Institutional ETF access • Real yield from staking • Rapid growth in tokenized funds, treasuries, and RWAs • Expanding stablecoin settlement infrastructure What we’re seeing is a liquidity + leverage unwind environment. Thin order books exaggerate moves, and forced sellers set the short-term price. That creates scary headlines… but it doesn’t break the thesis. Treasury strategies are built to ride through volatility, not avoid it.