Chairman Tom Lee defended Bitmine Immersion Technologies' strategy despite a $6.6 billion unrealized loss on its Ethereum holdings. Lee called the volatility a "feature, not a bug." Lee addressed criticism that the massive ETH treasury represents future selling pressure. Bitmine continued to accumulate ETH, and major investor Ark Invest also increased its stake.
The defense follows a sharp pullback in BMNR stock over the past week and month. Technical analysis suggests the stock confirms a downtrend. Adding to the uncertainty, President Erik Nelson recently departed the company.
The company presses forward with plans to launch its proprietary "Made in America Validator Network" (MAVAN) staking platform. Launch is scheduled for the first quarter of 2026. This initiative seeks to create more recurring, fee-based revenues. MAVAN aims to buffer against price swings in core crypto holdings.