Bitmine Immersion Technologies chairman Tom Lee believes the recent “mini-crypto winter” affecting Ethereum may be coming to an end, as the firm purchased an additional $139 million worth of ETH last week. The move brings Bitmine closer to its goal of acquiring 5% of Ethereum’s total supply.
In a statement on Monday, Lee said the company has accelerated its buying activity over the past three weeks, reflecting its expectation that Ether’s months-long downturn is nearing a reversal in its base-case outlook.
The broader crypto market saw a sharp decline in October last year. Bitcoin dropped from an all-time high above $126,000, while Ethereum fell from its August peak of $4,946. Since then, analysts have been divided on when a meaningful recovery might occur.
Lee highlighted several positive signals supporting a potential rebound, including progress on the CLARITY Act in Congress and crypto’s resilience amid geopolitical tensions involving Iran.
He noted that cryptocurrencies—especially Ethereum—have outperformed traditional markets during recent instability. Since the onset of the conflict, ETH has risen 18%, beating equities by 2,450 basis points.
“This stands in stark contrast to Gold, which has dropped more than 15%,” Lee said, adding that crypto is increasingly proving itself as a viable “wartime” store of value.
Tom Lee made the remarks as Bitmine Immersion Technologies revealed it had acquired another 65,341 Ethereum over the past week—valued at roughly $139 million—bringing its total holdings to more than 4.6 million ETH.
Bitmine edges closer to ETH accumulation target
Since pivoting to crypto eight months ago, Bitmine has accumulated about 3.86% of Ethereum’s circulating supply, currently estimated at 120.6 million tokens.
To reach its goal of controlling 5% of supply, the firm would need to purchase an additional 1.4 million ETH. At current market prices, that would cost approximately $2.9 billion, according to CoinGecko.
Unlike some assets, Ethereum does not have a fixed supply. Its total issuance can fluctuate depending on whether more tokens are burned than created.
Bitmine has also expanded its staking strategy, with over three million ETH currently staked to generate yield.
Beyond crypto, the company holds a diversified portfolio, including $1.1 billion in cash, 196 Bitcoin, a $200 million stake in Beast Industries—founded by Jimmy Donaldson—and a $95 million investment in Eightco Holdings.
A wave of firms shifted toward crypto in 2025, with Bitmine emerging as the second-largest corporate holder behind Michael Saylor’s Strategy. However, institutions like Standard Chartered have warned that not all such companies will endure, suggesting some may need to adapt or exit the market.
Data from StrategicEthReserve shows 67 major Ether treasury holders, with Bitmine leading by a wide margin. SharpLink Gaming ranks second with 863,000 ETH, followed by Ether Machine in third place with 496,000 tokens.
