Bitmine has no debt, theoretically as long as Tom Lee can hold on, it can be treated as a non redeemable closed-end ETH fund. He has no reason to 'force the sale of coins', the only problem is that if it remains at a negative premium for a long time, refinancing will become difficult, and it will be impossible to continue buying ETH to increase NAV, causing DAT's flywheel to pause. Someone has also mentioned whether Bitmine will sell ETH and use the money to repurchase stocks. Saylor has actually mentioned this matter, and he has mentioned considering this possibility in the future because mathematically it can indeed increase the BTC content per share. However, the problem is that if this operation is done in a sluggish market, it is equivalent to destroying DAT's long-term narrative. This is not a discount arbitrage, but a narrative rupture. So, under normal logic, it wouldn't do this. Without leverage and debt, it can hold on forever, even if it's underwater, waiting for the market to recover. The experience of history tells us that as long as we hold on, even if it's shameless, most of us will survive in the end.