Tom Lee Declares Crypto Winter Ending as BitMine Boosts Ethereum Holdings
By Ayesha Aziz | CoinMarketCap Crypto News
In a significant development hinting at the close of the crypto winter, BitMine Immersion Technologies has substantially increased its Ethereum holdings amid a notable rebound in the cryptocurrency market. The company’s latest acquisition and statements by BitMine Chairman Tom Lee suggest growing confidence in the sector’s recovery.
BitMine’s Largest Weekly Ethereum Purchase in 2026
BitMine disclosed on Monday that it purchased 60,976 Ethereum tokens last week, marking its largest weekly buy in terms of tokens acquired so far this year. Valued at approximately $120 million at current market prices, this purchase brought BitMine’s total Ethereum holdings to 4,534,563 tokens. With Ethereum trading around $2,015 per coin, the company’s Ethereum treasury is now worth an estimated $9.14 billion.
This announcement coincided with Ethereum reclaiming the $2,000 price level after having remained below that mark throughout the weekend. Earlier in the week, Ethereum rallied to $2,179 during a broad cryptocurrency market upswing but retreated near the end of the week before bouncing back on Monday.
Tom Lee Signals Late Stages of Crypto Winter
Commenting on the purchasing activity, Tom Lee revealed that BitMine has increased its weekly Ethereum acquisition rate from 45,000 to 50,000 tokens. Lee interpreted this as a strategic move based on emerging market data signaling a potential bottom in crypto prices.
“We continue to believe that crypto prices are in the late/final stages of the ‘mini-crypto winter,’” Lee said. Noting the absence of a clear market bottom indicator, he emphasized BitMine’s preference for sustainably increasing accumulation rather than making abrupt moves.
BitMine Faces Significant Unrealized Losses but Focuses on Long-Term Growth
Despite the optimistic outlook, BitMine is currently contending with significant paper losses on its Ethereum assets. Based on cost basis data and analytics from the platform DropsTab, the company’s Ethereum holdings are underwater by roughly $7.8 billion. This figure does not yet account for the recent acquisitions.
Ethereum’s price has declined approximately 59% from its all-time high of $4,946 reached in August last year. Nevertheless, BitMine continues to stake more than 3 million Ethereum tokens, generating about $174 million in annualized yield. The company aims to stake all remaining Ethereum through its proprietary validator infrastructure known as the Made in America Validator Network (MAVAN). Once fully operational, the MAVAN network is projected to produce an annual yield of approximately $259 million at current staking rates.
Diversified Holdings and Market Position
Besides its sizable Ethereum treasury, BitMine also holds $1.2 billion in cash and approximately $13.4 million worth of Bitcoin. This positions BitMine as the second-largest cryptocurrency treasury company by total holdings behind Strategy, which holds around $51 billion in Bitcoin.
Both BitMine and Strategy have experienced significant declines in their holdings’ value in recent months as cryptocurrency prices have fallen. BitMine’s stock traded at $19.49 on Monday, registering a 3% gain for the day but remaining nearly 10% down over the past month.
About the Author
Ayesha Aziz is a crypto writer and environmental scientist, reporting on market trends and technological developments in the blockchain space.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Readers are encouraged to conduct their own research and analysis before making any investment decisions. CoinMarketCap does not endorse any third-party content or websites referenced herein.
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