Tom Lee Declares ‘Mini Crypto Winter’ Almost Gone as BitMine Goes Full Throttle On ETH Accumulation ⋆ ZyCrypto

BitMine Immersion Technologies, the top Ethereum-focused treasury firm, scooped up 60,976 ETH last week, ramping up its accumulation as it bets the crypto market is nearing the end of a so-called ‘mini winter.’”

Ether Holdings Reach 3.76% Of Total Supply

On Monday, the company revealed it snapped up 60,976 ETH last week, spending around $120 million— right as the second-largest crypto reclaimed a price of $2,000 after loitering below that threshold for the entire weekend. This marks the company’s biggest weekly ETH haul of 2026 so far.

BitMine now holds 4,534,563 ETH, giving BitMine an Ethereum treasury valued at a staggering $9.14 billion at today’s price of $2,021 per coin. For perspective, this is equivalent to 3.76% of Ether’s circulating supply of around 120.7 million tokens.

Even in the crypto slump, BitMine keeps stacking ETH—currently sitting on $7.8B in unrealized losses, per DropsTab.

BitMine has doubled down on Ethereum as its treasury asset, chasing what it calls the ‘alchemy of 5%’—an ambitious target to eventually hold roughly 5% of Ethereum’s total supply.

BitMine Supercharges Ether Accumulation Spree

Ethereum climbed nearly 5% over the past week, though volatility has remained high. The world’s most valuable crypto surged to $2,179 highs last Wednesday amid a broader crypto market rally, only to slide back below $2,000 by Friday, holding under that mark into Monday morning.

“Ethereum prices showed resilience this week, in the face of rising war concerns and surging oil prices,” said BitMine Chairman Tom Lee, in a statement. “We continue to believe that crypto prices are in the late/final stages of the ‘mini-crypto winter.’”

BitMine also holds $1.2 billion in cash on its balance sheet, it said Monday, along with about $13.4 million worth of Bitcoin, and minority stakes in companies like Beast Industries and Eightco Holdings.

ETH has tumbled 59% since last August’s $4,946 all-time high—but after months of pain, it’s nearly flat over the past 30 days. 

“As the adage goes, nobody rings the bell at the bottom,” Lee added. “Therefore, BitMine’s strategy is to slightly increase its pace of ETH accumulation.”

BitMine is putting its ETH stash to work. Roughly 3,040,483 ETH—roughly two-thirds of its holdings — is currently staked to earn yield on the Ethereum network. The company aims for a massive $259 million in annual yield once all tokens are fully staked.