Bitmine: Ethereum's Crypto Winter Has Thawed, ETH Holdings Exceed 4.6 Million

Bitmine Immersion Technologies Chairman Tom Lee announced on Monday that last week the company purchased an additional 65,341 ETH (worth approximately $139 million), bringing its total Ethereum holdings to over 46 million. Lee stated that this increase marks the end of the “mini crypto winter” affecting Ethereum.

Ethereum’s “War-Time” Performance: Outperforming Gold by 33 Percentage Points

Tom Lee provides concrete market evidence supporting the thawing of the winter. He pointed out that since the outbreak of the Iran war, Ethereum has performed remarkably well in the crypto market and has also shown notable relative strength compared to traditional assets:

· ETH has risen about 18% since the Iran conflict began, outperforming the stock market by 2,450 basis points (about 24.5 percentage points)

· Gold has fallen over 15% during the same period, with ETH outperforming gold by approximately 33 percentage points

· The advancement of the CLARITY Act in Congress provides a positive catalyst for regulatory clarity on crypto assets

· The relative stability of the crypto market amid geopolitical turmoil challenges the traditional narrative that “gold must be held during wartime” as a safe haven

Lee said, “Cryptocurrencies are proving to be a good ‘war-time’ store of value, in stark contrast to traditional stores of value like gold.”

Bitmine’s ETH Accumulation Progress: Still $2.9 Billion Short of 5% Goal

Since announcing a strategic shift to crypto reserves eight months ago, Bitmine has accumulated approximately 3.86% of the total circulating supply of Ethereum, which is about 120.6 million ETH. To reach its 5% target, it still needs to purchase about 1.4 million ETH, which at current prices would require an additional investment of roughly $2.9 billion.

It’s important to note that Ethereum’s total supply has no fixed cap; its circulating supply fluctuates depending on whether burned tokens exceed new issuance, meaning Bitmine’s target is also dynamic. Currently, Bitmine has staked over 3 million ETH, actively participating in Ethereum network rewards while holding its assets.

In addition to ETH, Bitmine’s balance sheet includes: $1.1 billion in cash, 196 Bitcoin, $200 million worth of shares in Beast Industries (owned by YouTuber Jimmy (MrBeast) Donaldson), and $95 million in shares of Eightco Holdings, an e-commerce inventory management platform.

Institutional ETH Holdings: Bitmine Leads Significantly

According to StrategicEthReserve, which tracks 67 institutions holding large amounts of ETH, Bitmine currently leads with 4.6 million ETH, followed by SharpLink Gaming with 863,000 ETH and Ether Machine with 496,000 ETH.

Bitmine’s ETH holdings position it as the second-largest among crypto enterprise reserves, only behind Michael Saylor’s MicroStrategy Bitcoin holdings. As more companies enter the crypto reserve race, institutions like Standard Chartered Bank have warned that not all companies can sustain such strategies long-term. The sustainability of this institutional crypto allocation race remains closely watched by the market.

Frequently Asked Questions

What exactly is Bitmine’s ETH accumulation goal, and how much has been achieved so far?

Bitmine aims to hold 5% of Ethereum’s circulating supply (about 120.6 million), which is roughly 6 million ETH. It currently holds over 4.6 million ETH, about 77% of its goal. To reach the target, it needs to purchase approximately 1.4 million ETH, which at current market prices would require about $2.9 billion.

What does Tom Lee mean by the “mini crypto winter” in Ethereum being thawed?

Tom Lee refers to the end of the excessive sell-off during this downturn cycle of Ethereum, supported by catalysts such as ETH’s approximately 18% rise since the Iran conflict began—compared to a 15% decline in gold—and the legislative progress of the CLARITY Act, which provides regulatory clarity for Ethereum’s long-term prospects.

Why has Ethereum outperformed gold during “wartime”?

Traditionally, gold is considered the preferred safe-haven asset during geopolitical crises. However, in the Iran conflict, Ethereum outperformed gold by over 33 percentage points. This phenomenon may reflect a reallocation by institutional investors toward crypto assets and institutional ETF market behaviors, but whether this trend will continue remains to be seen through further market cycles.