Bitmine Immersion Technologies chairman Tom Lee declared the recent crypto downturn a “mini crypto winter” that may already be over. Speaking at Paris Blockchain Week 2026, Lee projected that Ether (ETH) could climb above $60,000 over the next few years, citing tokenization momentum and agentic AI as key catalysts. The bullish forecast stands in contrast to Bitmine‘s own $3.82 billion quarterly loss, driven almost entirely by unrealized markdowns on the company’s Ether position.
Lee’s $62,000 ETH Thesis Rests on Bitcoin Ratio
Lee argued that equity markets have already bottomed, pointing to historical patterns where stock markets found their floor after the outbreak of wars. He cited the US-Israel conflict with Iran as the catalyst that marked the low for risk assets.
He described the recent crypto slump as “unusual” because it did not coincide with a broader bear market in equities, a first in crypto’s history. With that macro backdrop clearing, Lee said ETH is “probably on its way to 60,000” and later pinpointed $62,000 as a fair-value scenario. The model assumes Ethereum captures roughly one-quarter of Bitcoin’s long-term value, with tokenization and agentic AI activity on the smart contract network acting as the primary growth drivers.
ETH is currently trading near $2,327, down 43% from its October 2025 levels and well below Bitmine’s average cost basis of $3,660.
Bitmine Posts $3.82 Billion Q1 Loss on ETH Holdings
Bitmine filed its Q1 results with the SEC on Tuesday, reporting a total loss of $3.82 billion. The vast majority, over $3.78 billion, came from unrealized losses on its crypto holdings as ETH’s price dropped through the quarter. The company reported $11 million in total revenue, including $10.2 million from ETH staking.
Despite the paper losses, Bitmine doubled down. The company purchased 71,524 ETH on Monday, pushing its total holdings to approximately 4.04% of Ethereum’s circulating supply. The acquisition came just days after Bitmine uplisted to the New York Stock Exchange on April 9, moving from NYSE American.
Corporate ETH Treasury Landscape Remains Thin
Bitmine and Exodus Movement are the only two Ether treasury companies to publicly disclose new ETH purchases in the past 30 days. Data from StrategicEthReserve shows Bitmine leads the corporate leaderboard with 4.6 million ETH valued at over $10 billion, while SharpLink Gaming sits in second place with 863,000 ETH worth approximately $1.89 billion.
Top Corporate Ether Holders
| Company | ETH Holdings | Estimated Value |
|---|---|---|
| Bitmine | 4.6M ETH | $10B+ |
| SharpLink Gaming | 863,000 ETH | $1.89B |
Unrealized Losses vs. Long-Term Conviction
Bitmine’s willingness to add tens of thousands of ETH while sitting on billions in unrealized losses reflects a corporate strategy that mirrors Strategy’s (formerly MicroStrategy) approach to Bitcoin accumulation. The gap between Bitmine’s $3,660 average cost basis and ETH’s current price near $2,327 means the company is betting heavily on the kind of recovery Lee described on stage in Paris.
Whether ETH reaches anything close to $62,000 depends on factors ranging from ETF inflows and institutional adoption to Ethereum’s ability to capture real economic activity through tokenization. For now, the corporate treasury playbook for ETH remains a two-company game, with Bitmine absorbing the lion’s share of the risk and the conviction.
