Crypto Winter? Tom Lee Says ‘Almost Over’

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Finance

What to know:

  • BitMine Immersion Technologies increased its ether purchases last week, buying 60,976 ETH. Because nothing says “optimism” like buying more of something that’s currently worth less than a poorly timed joke.
  • The company now holds more than 4.5 million ETH worth over $9 billion, but sits on losses estimated at about $7.8 billion on its position. A veritable goldmine of existential dread.
  • Chairman Thomas Lee said BitMine believes crypto prices are in the late stages of a “mini-crypto winter” and is slightly increasing its buying as market signals suggest a potential bottom. Because who needs a crystal ball when you’ve got a spreadsheet?

BitMine Immersion Technologies (BMNR), the largest Ethereum-focused treasury firm, purchased 60,976 ether (ETH) through last week, increasing the pace of accumulation as the firm bets crypto prices are nearing the end of what it calls a “mini winter.” Because if there’s one thing we’ve learned, it’s that markets are just a series of very expensive games of chicken.

The latest purchase, worth some $120 million at current prices, lifted BitMine’s ETH holdings to over 4.5 million tokens, worth more than $9 billion, according to a Monday update from the company. This was the company’s largest weekly purchase in token terms in 2026 so far. Because why not? The universe is already a chaotic mess.

The firm has steadily added to its treasury throughout the market downturn, even as unrealized losses on its position now is estimated at around $7.8 billion, according to data from DropsTab. A testament to the human spirit, or perhaps just a very expensive form of denial.

Chairman Thomas Lee said the company stepped up buying from the recent weekly average of roughly 45,000 to 50,000 ETH as market signals suggest a potential bottom may be forming. Because nothing says “I’m a genius” like buying low when everyone else is panicking.

“We continue to believe that crypto prices are in the late/final stages of the ‘mini-crypto winter,'” Lee said in a statement. Because if you’re going to be wrong, at least be wrong with style.

“As the adage goes, nobody rings the bell at the bottom.” he said. “Therefore BitMine’s strategy is to slightly increase its pace of ETH accumulation.” Because if the bottom is a bell, then why not ring it? Or at least try to.

The firm said it now earns $174 million annual revenue from staking more than 3 million of its ether token holdings, which could grow to $259 million once all tokens are locked to earn a yield. Because nothing says “financial security” like locking your assets in a vault that might as well be a black hole.

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2026-03-09 17:08