Tom Lee: 'Mini Crypto Winter' for ETH Is Fading; Bitmine Nears 77% of Its Target

Odaily Planet Daily reported that Tom Lee, chairman of Bitmine Immersion Technologies, said the "mini crypto winter" weighing on ETH is nearing its end, with the company sustaining an aggressive buying pace over the past three weeks. Lee pointed to momentum around the CLARITY bill in Congress and the crypto market's relative resilience amid Iran-related geopolitical tensions as constructive signals. Since the Iran conflict began, ETH has gained 18%, beating equities by 2,450 basis points, while gold has fallen more than 15% over the same period. Bitmine bought an additional 65,341 ETH last week, worth about $139 million, lifting total holdings to more than 4.6 million ETH, roughly 3.86% of circulating supply. To reach its 5% goal, the firm would need to acquire about 1.4 million more ETH, costing approximately $2.9 billion at current prices. More than 3 million ETH held by the company are currently staked. The company also holds $1.1 billion in cash, 196 BTC, a $200 million stake in Beast Industries, and a $95 million investment in Eightco Holdings. Data from StrategicEthReserve shows Bitmine ranks first among the 67 largest institutional ETH holders, followed by SharpLink Gaming with 863,000 ETH and Ether Machine with 496,000 ETH.