Ethereum 'Mini Crypto Winter' Approaches Its Conclusion as Bitmine Acquires 65,341 ETH, According to Tom Lee

Bitmine has strategically purchased a significant amount of Ethereum during its price dip, totaling 65,341 ETH, valued at approximately $140 million. This initiative positions Bitmine as the largest holder of Ethereum treasury globally. Despite the broader bearish market sentiment, Bitmine's aggressive accumulation is guided by Tom Lee's belief that the Ethereum market is nearing the end of a "mini crypto winter."

Key Takeaways

Bitmine has bought 65,341 ETH, enhancing its total holdings to 4.661 million ETH, which represents 3.86% of Ethereum's circulating supply.
Tom Lee suggests that rising Ethereum prices during geopolitical tensions highlight its potential as a store of value.
Ethereum is currently trading between $2,100 and $2,250, with significant resistance at the 200-day EMA around $2,400.

Bitmine Ethereum is acquiring ETH during market dips, amassing 65,341 ETH worth $140 million to strengthen its treasury.

Bitmine’s Recent ETH Acquisition

Bitmine has made a noteworthy move in purchasing Ethereum, acquiring a total of 65,341 ETH since March 16. This acquisition is valued at around $140 million based on current prices. Bitmine's overall crypto and cash holdings have now reached an impressive $11 billion, making it the largest holder of Ethereum treasuries worldwide.

Ethereum's price is currently hovering around $2,150, a decline of over 30% from its peaks in 2025. Despite the prevailing bearish sentiment in the market, Bitmine has been consistently increasing its purchases, showing a proactive approach over the last three weeks.

Tom Lee’s Perspective on Ethereum

Tom Lee views Bitmine's activities not as mere speculation, but as a calculated strategy. He believes that Ethereum is nearing the conclusion of a short-term bearish phase. Bitmine is acting decisively without waiting for market validation.

Treasury Holdings: With 4.661 million ETH under its belt, Bitmine holds approximately 3.86% of the total circulating supply of 120.7 million tokens. Out of this, 3.14 million ETH is already staked, generating an annual return of about $272 million at a yield of 2.83%.
Performance in Conflict: Lee points out that Ethereum has gained 18% since the escalation of the Iran conflict, outperforming traditional equities by 2,450 basis points. This observation positions cryptocurrency as a viable asset during wartime.
Future Price Predictions: Analysts like Geoff Kendrick from Standard Chartered have set a target of $7,500 for ETH by 2026. Fundstrat's year-end forecast estimates ETH to be priced at $4,500, which hinges on regulatory clarity and the expansion of stablecoin supply.

Can Ethereum Reach $2,500 Before Another Upsurge?

Ethereum is currently consolidating within the price range of $2,100 to $2,250, recovering from lower values of approximately $1,800 in late Q1 2026. The 200-day exponential moving average (EMA) stands at $2,400, a crucial resistance level that ETH has yet to overcome after three attempts in the past six weeks.

The daily Relative Strength Index (RSI) is around 48, indicating a neutral zone, often signifying a potential directional shift. Current funding rates in major perpetual markets are slightly negative, suggesting that bearish sentiment still prevails.

If Ethereum surpasses the $2,400 mark and converts it into support, a pathway towards $3,000 to $3,200 can be opened, aligning with Bitmine’s original purchase price. Conversely, if it fails to maintain levels around $2,250, it may retest the $1,900 to $2,000 range, leading to a possible decline before any recovery this year.

Bitmine’s Staking Strategy: A Slow-Motion Supply Shock?

Bitmine’s staked ETH, totaling 3,142,643 ETH, is more than what any other entity holds globally, according to Tom Lee. This staked supply remains locked and does not enter the market, ensuring continued yield generation rather than being stored away in cold wallets.

Bitmine's crypto holdings.

Lee posits that the surge in Ethereum prices during geopolitical crises establishes it as more than just a tech asset; it's becoming a macro hedge. The integration of traditional finance mechanisms with blockchain technologies lends credibility to this view.

Bitmine’s overall balance sheet reflects a broad commitment to its strategy, holding not only Ethereum but also 196 BTC, a $200 million share in Beast Industries, and $95 million in WLD treasury firm Eightco, alongside $1.1 billion in cash reserves.

Institutional investors such as Ark Invest, Founders Fund, Pantera, Kraken, and Galaxy Digital support Bitmine’s growth, with a target of capturing 5% of the circulating ETH supply, approximately 6.04 million ETH.

Conclusion

In the coming months, two critical scenarios will determine the trajectory of Ethereum: if it reclaims the $2,500 to $3,000 range, institutional investments will likely increase. However, if it fails to maintain the $2,100 level on retests, the bullish narrative may falter before gaining any momentum. The movement in Bitmine's holdings signifies a broader institutional shift that is only beginning to unfold.

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