'Mini crypto winter' nearly over, says Tom Lee as Bitmine ramps up pace of ether acquisition
The company now holds more than 4.5 million ETH, worth over $9 billion, though it is sitting on a loss of nearly $8 billion.
By Krisztian Sandor|Edited by Stephen Alpher Mar 9, 2026, 1:51 p.m.
Make us preferred on Google
What to know:
- BitMine Immersion Technologies increased its ether purchases last week, buying 60,976 ETH.
- 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.
- 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.
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."
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.
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.
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.
"We continue to believe that crypto prices are in the late/final stages of the 'mini-crypto winter,'" Lee said in a statement.
"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."
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.
BitmineEthereum NewsThomas LeeMore For You
Pudgy Penguins: Challenging the Pokemon and Disney Legacy in the Global IP Race
By CoinDesk ResearchFeb 27, 2026
Commissioned byPudgy Penguins
CoinDesk Research looks into how Pudgy Penguins disrupts traditional toys market via a phygital model. With 2M+ units sold, they scale via global partnerships and events.
What to know:
- Disrupting a Stagnant Market: Pudgy Penguins is utilizing a "Negative CAC" model to challenge the traditional $31.7B licensed toy industry by treating physical merchandise as a profitable user acquisition tool rather than just a final product.
More For You
KAST raises $80 million at $600 million valuation to expand stablecoin payments platform
By Olivier Acuna|Edited by Stephen Alpher1 hour ago
Funding will support product expansion, licensing and compliance as the company scales a platform for cross-border stablecoin payments.
What to know:
- KAST, a stablecoin-powered cross-border payments platform, raised $80 million in Series A funding led by QED Investors and Left Lane Capital at a reported $600 million valuation.
- The company plans to use the capital to expand its product, licensing and compliance efforts, and team.
- KAST aims to tap into the largely untapped market for real-world stablecoin payments by connecting digital dollars to local payout systems and expanding across North America, Latin America and the Middle East, including with a new KAST Business offering.
CoinDesk 20 Performance Update: Avalanche (AVAX) Gains 2% as Index Trades Flat
38 minutes ago
Crypto doesn’t belong in AI portfolio as it’s ‘a different animal,’ says tech investor and former Snap exec
42 minutes ago
KAST raises $80 million at $600 million valuation to expand stablecoin payments platform
1 hour ago
Bithumb faces proposed 6-month partial ban over South Korea AML breaches
1 hour ago
U.S. Treasury signals shift on crypto mixers, acknowledges legitimate privacy uses
1 hour ago
Michael Saylor's Strategy made $1.3 billion bitcoin purchase last week
1 hour agoTop Stories
Bitcoin rises as oil spikes, equities drop
3 hours ago
Nasdaq and Kraken are teaming up to let you trade tokenized stocks
2 hours ago
U.S. isn’t really exposed to oil shocks and that might be helping bitcoin stay resilient
7 hours agoBitcoin stays calm while other markets panic: key levels to watch
2 hours ago
Nigel Farage takes 6% stake in UK bitcoin treasury firm Stack BTC
4 hours ago
