Foresight News posted on X (formerly Twitter) that BitMine remains down about $6.2 billion as debate continues over the long-term value of ETH. At a fireside chat at ETHGlobal Pragma Mumbai, Vitalik Buterin discussed whether ETH should be viewed as a token that collects fees or as a store of value, saying the two approaches require different priorities. Optimizing market value around fee collection, he said, is essentially like running a company; successful companies often use aggressive governance rather than detailed rules that constrain them over the long term.

The post also cited recent results from two Ethereum treasury companies. BitMine holds 6.07 million ETH, or 4.97% of the supply, putting it close to Tom Lee’s 5% target. It reported a net loss of $6.3 billion for fiscal 2026, mostly from unrealized losses as ETH prices fell. Staking generated about $121 million in revenue, less than its $377 million in management expenses.

SharpLink reported net income of $750 million in the third quarter, about 90% of which came from unrealized gains. For the first three quarters of this year, it recorded a cumulative loss of about $328 million.

Both companies have followed a similar model: raising capital to buy ETH, earning staking income, and reporting results that move with the token’s price. The post said investors should look beyond the amount of ETH each company buys and assess whether its ETH per share is increasing and whether staking returns can cover financing costs. It also raised the question of how much additional value treasury companies can create for shareholders beyond holding ETH for appreciation.