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Bitmine Immersion Technologies president Tom Lee said Wednesday that the caller crypto slump was a “mini crypto winter” that whitethorn already beryllium ending, successful comments that came soon aft the institution disclosed a multibillion-dollar quarterly nonaccomplishment tied mostly to unrealized markdowns connected the company’s Ether holdings.
During a keynote code astatine Paris Blockchain Week 2026, Lee said that equity markets person bottomed owed to the US-Israel warfare with Iran, and that Ether (ETH) volition look from its “massive consolidation,” driven by tokenization and agentic artificial quality initiatives tied to the astute declaration network.
Lee argued that equities person reached their bottom, starring to a betterment from what helium called an “unusual” crypto marketplace downturn, which didn’t coincide with a wider carnivore marketplace successful stocks for the archetypal time. “Equity markets bottommost connected atrocious news. And we’ve had a batch of atrocious news,” said Lee, citing humanities examples of banal markets bottoming retired aft the outbreak of wars.
Lee besides said ETH is “probably connected its mode to 60,000” if his marketplace thesis is close and aboriginal described $62,000 arsenic a fair-value script implicit the adjacent fewer years, based connected Ethereum reaching astir one-quarter of Bitcoin’s (BTC) semipermanent value.
His comments travel amid a wider crypto marketplace downturn that has seen Ether’s terms autumn 43% since October 2025 to commercialized astir $2,327 astatine the clip of writing, importantly beneath Bitmine’s mean outgo ground of $3,660, according to data from Bitminetracker.
Thomas Lee, the co-founder, keynote code astatine Paris Blockchain Week 2026. Source: CointelegraphBitmine posts $3.8 cardinal quarterly nonaccomplishment connected Ether holdings
Lee’s comments besides travel Bitmine’s posting of a $3.82 cardinal nonaccomplishment connected its Ether holdings during the archetypal 4th of the year, according to a Tuesday filing with the US Securities and Exchange Commission.
Bitmine signifier 10-q filing with the Securities and Exchange Commission. Source: sec.govThe fig was chiefly driven by the company’s implicit $3.78 cardinal successful unrealized losses connected its crypto holdings. Bitmine besides reported $11 cardinal successful revenue, including $10.2 cardinal from ETH staking.
Related: Ether treasuries request liquid staking borderline to bushed ETFs, says Lido exec
Despite the mounting losses, Bitmine announced a acquisition of 71,524 Ether connected Monday, with the institution present holding astir 4.04% of the full Ether supply. The latest acquisitions came soon aft Bitmine debuted on the New York Stock Exchange connected April 9, uplisting from NYSE American.
Bitmine and Exodus Movement are the lone 2 Ether treasury companies to publically disclose Ether investments implicit the past 30 days.
The apical 10 largest firm Ether holders. Source: StrategicEthReserveBitmine is the largest firm Ether holder with 4.6 cardinal ETH presently valued astatine implicit $10 billion, portion SharpLink Gaming is second, with 863,000 Ether worthy $1.89 billion, data from StrategicEthReserve shows.
Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling — Joseph Chalom
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