{"id":152837,"date":"2026-02-04T08:27:14","date_gmt":"2026-02-04T08:27:14","guid":{"rendered":"https:\/\/cryptonews.com\/id\/?p=152837"},"modified":"2026-02-04T08:19:53","modified_gmt":"2026-02-04T08:19:53","slug":"66b-loss-bitmine-eth-treasury-controversy","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/id\/news\/66b-loss-bitmine-eth-treasury-controversy\/","title":{"rendered":"Ketua Bitmine Tom Lee Mengabaikan Kerugian Treasury ETH &#8211; Apakah ETF Harus Menghadapi Pengawasan yang Sama?"},"content":{"rendered":"<p>Kritik tajam baru-baru ini menghantam strategi treasury Ethereum (ETH) yang dijalankan oleh Bitmine Immersion Technologies. Sebuah cuitan di media sosial menuding perusahaan duduk di atas kerugian belum terealisasi (unrealized loss) yang sangat dalam, sebesar -$6,6 miliar atau sekitar Rp 110,6 triliun, atas akumulasi ETH mereka. <\/p><p>Kritik itu juga menyebut bahwa ETH yang mereka pegang akan menjadi tekanan jual di masa depan, dan Ketua Bitmine Tom Lee dituding sebagai &#8220;likuiditas keluar terakhir&#8221; bagi paus ETH lama. Namun, Lee justru menepis kritik ini dengan santai dan malah mempertanyakan standar ganda yang berlaku di pasar.<\/p><h2 class=\"wp-block-heading\"><strong>Pembelaan Lee &#8211; Strategi Jangka Panjang, Bukan untuk Haluskan Kerugian<\/strong><\/h2><span class=\"replacer\"><\/span><p>Menanggapi langsung kritikan tersebut, Tom Lee membela strategi perusahaannya. Ia menjelaskan bahwa tujuan Bitmine adalah untuk melacak <a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noreferrer noopener\">harga Ether<\/a> secara ketat dan bertujuan untuk berkinerja lebih baik dalam jangka panjang, bukan untuk menghaluskan penurunan harga (drawdown) yang terjadi. <\/p><figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">These tweets miss the point of an ethereum treasury:<br>&#8211; BitMine is designed to track the price of <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a><br>&#8211; outperform over the cycle (think up ETH)<br>&#8211; crypto is in a downturn, so naturally ETH is down<a href=\"https:\/\/twitter.com\/search?q=%24BMNR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BMNR<\/a> will see \u201cunrealized\u201d losses on our holdings of ETH during these times:<br>-\u2026 <a href=\"https:\/\/t.co\/VpoNjAnJdC\">https:\/\/t.co\/VpoNjAnJdC<\/a><\/p>&mdash; Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) <a href=\"https:\/\/twitter.com\/fundstrat\/status\/2018705853101072853?ref_src=twsrc%5Etfw\">February 3, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p>Ia berargumen bahwa kerugian belum terealisasi adalah hal yang wajar muncul selama koreksi pasar kripto secara luas. Yang menarik, Lee mempertanyakan mengapa para kritikus memperlakukan hal ini sebagai masalah unik bagi Bitmine, sementara produk indeks lainnya juga turun selama penurunan pasar. <\/p><p>Dalam sudut pandangnya, ini adalah konsekuensi dari menjalankan strategi yang konsisten. Bitmine sendiri memposisikan strategi akumulasi ETH-nya sebagai taruhan jangka panjang pada peran Ethereum di dunia keuangan dan pasar modal, yang dipadukan dengan infrastruktur staking.<\/p><h2 class=\"wp-block-heading\"><strong>Fakta Treasury &#8211; 4,24 Juta ETH dengan Kerugian Kertas Melebihi $6 Miliar<\/strong><\/h2><span class=\"replacer\"><\/span><p>Data terbaru dari perusahaan <a href=\"https:\/\/cryptonews.com\/news\/bitmine-ethereum-treasury-holdings-update\/\" target=\"_blank\" rel=\"noreferrer noopener\">mengonfirmasi<\/a> besarnya eksposur mereka. Dalam rilis perusahaan, Bitmine mengungkapkan memegang 4,24 juta ETH per 25 Januari, dengan akuisisi 40.302 ETH dalam seminggu sebelumnya. Di saat yang sama, kerugian kertas (paper loss) mereka telah melampaui $6 miliar.<\/p><figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"575\" data-id=\"152839\" src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082210\/ETH-Milik-BitMine-1024x575.jpg\" alt=\"ETH Milik BitMine\" class=\"wp-image-152839\" srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082210\/ETH-Milik-BitMine-1024x575.jpg 1024w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082210\/ETH-Milik-BitMine-300x169.jpg 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082210\/ETH-Milik-BitMine-768x432.jpg 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082210\/ETH-Milik-BitMine-450x253.jpg 450w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082210\/ETH-Milik-BitMine.jpg 1244w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><\/figure>\n<\/figure><p>Rilis yang sama juga menyoroti konteks politik dan institusional yang berubah. Mereka mengutip pernyataan Presiden Donald Trump yang menyebut Kongres sedang mengerjakan undang-undang struktur pasar kripto yang ia harap segera ditandatangani. Bitmine memandang tokenisasi sebagai tema yang semakin mendapat daya tarik di kalangan pelaku keuangan besar.<\/p><p>Lee juga mengaitkan tekanan jual terkini dengan stres struktur pasar, menunjuk pada dampak lanjutan dari peristiwa likuidasi besar $19 miliar pada Oktober lalu, serta cara aliran dana ke aset logam mulia dapat menguras selera risiko dari <a href=\"https:\/\/cryptonews.com\/id\/news\/how-to-get-into-crypto\/\">investasi crypto<\/a> selama periode rapuh. <\/p><figure class=\"wp-block-gallery has-nested-images columns-default is-cropped wp-block-gallery-2 is-layout-flex wp-block-gallery-is-layout-flex\">\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"785\" height=\"438\" data-id=\"152841\" src=\"https:\/\/cimg.co\/p\/no_image.svg\" alt=\"ETH Milik BitMine Saat Ini\" class=\"wp-image-152841 lazyload\" sizes=\"auto, (max-width: 785px) 100vw, 785px\" data-src=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082504\/ETH-Milik-BitMine-Saat-Ini.png\" data-srcset=\"https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082504\/ETH-Milik-BitMine-Saat-Ini.png 785w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082504\/ETH-Milik-BitMine-Saat-Ini-300x167.png 300w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082504\/ETH-Milik-BitMine-Saat-Ini-768x429.png 768w, https:\/\/cimg.co\/wp-content\/uploads\/sites\/19\/2026\/02\/04082504\/ETH-Milik-BitMine-Saat-Ini-450x251.png 450w\"><\/figure>\n<\/figure><p>Bagi Lee, penurunan baru-baru ini hanyalah bagian dari siklus, bukan bukti bahwa strateginya rusak. Ia tetap mempertahankan narasi jangka panjangnya bahwa Ethereum berada di pusat arah tujuan keuangan masa depan. Episode ini pun membuka kembali debat yang lebih luas seputar treasury kripto bergaya korporat, terutama yang menggunakan Ether daripada Bitcoin.<\/p><p><strong>Disclaimer:<\/strong> <em>Pendapat dan pandangan yang diungkapkan dalam postingan ini tidak selalu mencerminkan kebijakan atau posisi resmi Cryptonews. Informasi yang disediakan dalam postingan ini hanya untuk tujuan informasi dan tidak boleh dianggap sebagai nasihat keuangan, investasi, atau profesional. Cryptonews tidak mendukung produk, layanan, atau perusahaan tertentu yang disebutkan dalam postingan ini. Pembaca disarankan untuk melakukan riset mandiri dan berkonsultasi dengan profesional yang berkualifikasi sebelum mengambil keputusan keuangan apa pun. Jangan pernah menginvestasikan lebih dari yang Anda siap kehilangan<\/em>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Kritik tajam baru-baru ini menghantam strategi treasury Ethereum (ETH) yang dijalankan oleh Bitmine Immersion Technologies. Sebuah cuitan di media sosial menuding perusahaan duduk di atas kerugian belum terealisasi (unrealized loss) yang sangat dalam, sebesar -$6,6 miliar atau sekitar Rp 110,6 triliun, atas akumulasi ETH mereka. Kritik itu juga menyebut bahwa ETH yang mereka pegang akan [&hellip;]<\/p>\n","protected":false},"author":263,"featured_media":152838,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[],"editors":[90],"sponsored_companies":[],"class_list":["post-152837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","editors-asreti"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Rugi $6,6 Miliar, Treasury ETH Bitmine Picu Kontroversi<\/title>\n<meta name=\"description\" content=\"Treasury ETH Bitmine menuai kritik karena rugi kertas $6,6 miliar. Tom Lee membela strategi jangka panjang. 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