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Tom Lee indicates that the ‘mini crypto winter’ is close to its end as Bitmine accelerates its ether purchasing activities.
The company currently possesses over 4.5 million ETH, valued at more than $9 billion, despite being at a loss of nearly $8 billion.
Thomas Lee, chairman of BitMine and CIO of Fundstrat, on the main stage during Consensus Hong Kong 2026 (David Paul Morris/Consensus)
What to know:
- BitMine Immersion Technologies ramped up its ether acquisitions last week, acquiring 60,976 ETH.
- The firm now possesses over 4.5 million ETH valued at more than $9 billion, but is experiencing losses approximated at about $7.8 billion on its investment.
- Chairman Thomas Lee stated that BitMine perceives crypto prices as being in the later stages of a "mini-crypto winter" and is modestly increasing its purchases as market indicators imply a possible bottom.
BitMine Immersion Technologies (BMNR), the leading Ethereum-centric treasury firm, bought 60,976 ether (ETH) over the past week, accelerating its accumulation as the company speculates that crypto prices are approaching the conclusion of what it terms a "mini winter."
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The recent purchase, valued at approximately $120 million at current rates, boosted BitMine’s ETH holdings to over 4.5 million tokens, worth in excess of $9 billion, based on a Monday update from the firm. This marked the company’s largest weekly acquisition in token terms for 2026 to date.
The organization has consistently increased its treasury during the market decline, even though unrealized losses on its position are now estimated to be around $7.8 billion, according to information from DropsTab.
Chairman Thomas Lee indicated that the company has elevated its buying from the recent weekly average of roughly 45,000 to 50,000 ETH as market signals suggest a potential bottom may be taking shape.
"We maintain our belief that crypto prices are in the late/final stages of the ‘mini-crypto winter,’" Lee remarked in a statement.
"As the saying goes, nobody rings the bell at the bottom," he noted. "Thus, BitMine’s approach is to gradually increase its pace of ETH accumulation."
The firm reported that it now generates $174 million in annual revenue from staking over 3 million of its ether token holdings, which could potentially rise to $259 million once all tokens are secured to earn a yield.
