Tom Lee boldly declares the "crypto mini winter" is over! Expect Ethereum to reach $60k, while Bitmine absorbs a $3.8 billion loss but still keeps buying.

Has the “Mini Crypto Winter” really ended? U.S. publicly listed company Bitmine Immersion Technologies Chairman Tom Lee recently made a shocking statement at the 2026 Paris Blockchain Week, boldly predicting that Ethereum (ETH) will surge past $60k in the coming years.
(Background: Bitmine switches to the NYSE main board! Holds 4.8 million ETH, simultaneously commits $4 billion to share buybacks)
(Additional background: “Multiple big players” aggressively buying! Bitmine spends $100 million to add 45k ETH)

After months of downturn in the cryptocurrency market, Wall Street’s super bulls are once again stepping in to stabilize confidence.

Tom Lee, Chairman of Bitmine Immersion Technologies, delivered a keynote speech on Wednesday (15th) at the 2026 Paris Blockchain Week, stating that the recent crypto market downturn is just a “Mini Crypto Winter,” and that this winter may already be over.

The stock market has bottomed out and rebounded, ETH will see a large-scale recovery

Tom Lee pointed out that, affected by geopolitical tensions such as the U.S.-Iran conflict, traditional stock markets have already bottomed out. He believes that this recent decline in cryptocurrencies is quite “unusual” because it is the first time it has not occurred simultaneously with a broad bear market in stocks. Lee cited historical experience indicating that wars often mark the bottom of the stock market:

“Stock markets usually bottom out and rebound on bad news, and we have experienced enough bad news.”

Against this macro backdrop, Tom Lee is focusing on Ethereum (ETH). He predicts that, driven by “tokenization” on smart contract networks and “Agentic AI” applications, Ethereum is about to emerge from a large consolidation phase.

He boldly set a future target price: if his market thesis is correct, ETH could be heading toward $60,000. He further described $62,000 as a “reasonable value” in the coming years, based on the valuation logic that “Ethereum will reach one-quarter of Bitcoin’s (BTC) long-term value.”

Unfazed by $3.8 billion unrealized losses, Bitmine keeps buying as it falls

However, while Tom Lee expressed this optimistic outlook, his company Bitmine is facing enormous financial pressure. Since October 2025, ETH prices have plummeted 43%, currently hovering around $2,327; this is far below Bitmine’s average holding cost of about $3,660.

According to documents filed with the U.S. Securities and Exchange Commission (SEC) this Tuesday, Bitmine reported a massive loss of $3.82 billion in the first quarter of this year, with the vast majority (over $3.78 billion) stemming from “unrealized losses” on its crypto assets. Although the company also reported $11 million in revenue (of which $10.2 million came from ETH staking), these are insignificant compared to the huge devaluation losses.

Despite the paper losses, Bitmine’s faith seems unshaken. The company announced again on Monday that it purchased 71,524 ETH. Since its listing on the New York Stock Exchange (NYSE) on April 9, Bitmine now holds a total of 4.6 million ETH (worth over $10 billion), controlling 4.04% of the total network supply, making it the world’s largest enterprise holder of Ethereum (far surpassing the second-largest SharpLink Gaming with 863k ETH).