BitMine Stacks 45,759 ETH Amid Crypto Mini-Winter As Tom Lee Eyes Market Down
TLDR:
BitMine received 45,759 ETH in one week, which brought the total holdings to 4,371,497 ETH 8.7 billion dollars.
Tom Lee compares current crypto sentiment to 2018 and 2022 lows and calls the pullback a buying opportunity.
BitMine's share of 3.04 million tokens in ETH yields $176 million per year with a 7-day yield of 2.89%.
MAVAN, BitMine's proprietary staking verification network is set to launch in early 2026 with three partners.
Tom Lee's Bitmine Immersion Technologies (NYSE AMERICAN: BMNR ) bought 45,759 ETH in one week, pushing total holdings to 4,371,497 tokens.
The move came as Lee publicly expressed what he called a bottom-like sentiment in the crypto markets. Combined with cash and other investments, Bitmine's total holdings now stand at $9.6 billion, cementing Ethereum's position as the world's largest treasury.
Lee calls market sentiment a buy signal
Tom Lee shows a direct comparison between today's crypto market and the lows of 2018 and 2022. He stated that the current investor sentiment will carry the same weight as the bottom of the previous cycle. Unlike past failures, however, no major institutional failure has triggered the current weakness.
“Since the ‘price shock' and massive correction on October 10, Lee has pointed to a certain turning point, saying that crypto has remained weak.
In the year He said 2025 and 2026 did not set the stage for the large-scale weakness seen in previous cycles, such as the FTX collapse or the three-arrow cap in 2022. The current softness, in his view, is an emotional correction rather than a structural failure.
At Consensus Hong Kong, Lee outlined three long-term growth drivers for Ethereum, covering Wall Street tokenization, AI agent payment infrastructure, and creator-focused Layer 2 standards.
“Ethereum is well positioned to gain significant share given its neutrality and 100% uptime and reliability,” he argued. These themes dominated panel discussions throughout the conference, reinforcing his conviction.
Lee was straightforward about the company's acquisition strategy: “We cannot control the price of Ethereum and the company is acquiring ETH regardless of the price trend. The long-term outlook for Ethereum is still impressive.”
He added that Bitcoin “continues to buy ETH even as it moves through this ‘mini-winter',” framing the pullback as an accumulation window rather than a warning sign.
The stacking machine works like MAVAN when it is about to start
Aside from storage, Bitmine is generating meaningful revenue from its existing ETH stack. The total ETH held in stock now stands at 3,040,483 tokens, worth approximately $6.1 billion at current prices. Annualized earnings per share rose to $176 million, based on a 7-day 2.89 percent yield.
“On balance, when Bitmine's ETH is fully shared by MAVAN and its shareholders, the ETH share awards are $252 million per year,” Lee said.
The company is currently working with three stakeholder suppliers as it prepares to deploy MAVAN. The solution is expected to launch in early 2026 as a best-in-class infrastructure platform.
Bitmine's total holdings include 193 bitcoins, $670 million in cash, a $200 million stake in Beast Industries, and a $17 million position in Eightco Holdings.
The company ranks 158th among US-listed stocks by average daily dollar volume, trading around $0.9 billion per day. Institutional backers include ARK's Catie Wood, Founders Fund, Pantera, Galaxy Digital and Kraken.
