Bitmine (BMNR), the largest Ethereum financial company, bought 101,745 Ethereum coins (ETH) last week, and chairman Thomas Lee said that although market sentiment remains depressed, a new “crypto spring” is coming.
According to an update on Monday, the purchase increased the company’s holdings to more than 5.18 million ETH, accounting for approximately 4.29% of the token’s circulating supply.
Bitmine’s cryptocurrency and cash holdings total $13.1 billion. In addition to its ETH position, the company also holds 200 Bitcoins $700 million in cash and equity, including investments in Beast Industries and Evenco Holdings.
The latest purchase is worth approximately $238 million at current ETH prices, with weekly purchases continuing to increase as the company doubles down on its massive accumulation of ETH.
With the advancement of CLARITY Act, cryptocurrency spring is coming
The bet is based on the company’s view that the cryptocurrency market is emerging from the “mini winter” of the past few months, with Lee citing improving market conditions and positive signs of U.S. digital asset regulation, known as the Clarity Act, moving forward.
“The U.S. Senate has released compromise text for the Clarity Act that, while it prohibits stablecoin reserve gains, could provide activity-based ‘rewards,’ in an attempt to balance the need to protect existing depository institutions (aka traditional banks),” he said in a statement. “This compromise is largely acceptable to us, and we hope to see this bill passed in 2026.” He added that Polymarket’s prediction market traders believe there is a better than 60% chance of passage this year.
“We believe that crypto spring has begun, as in past cycles, investor sentiment and belief remain subdued and bearish even as cryptocurrency prices strengthen,” Lee said.
Lee said that Ethereum is benefiting from two long-term trends: the movement of financial assets to the blockchain orbit (i.e. tokenization) and the rise of artificial intelligence (AI) tools, which in his view will seek neutral public networks for payments and verification.
He added that Ethereum is increasingly viewed as a store of value and a medium of exchange, citing its outperformance against stocks since the outbreak of the conflict in Iran.
BitMine has also expanded its staking business, committing more than 4.36 million ETH (more than 84% of its holdings) to generate revenue, with annualized revenue of approximately $297 million. Its MAVAN staking platform is designed to support internal operations and external institutional needs. Lee will speak at the CoinDesk Consensus conference in Miami this week.