Shortly after the company revealed a multibillion-dollar quarterly loss primarily due to unrealised markdowns on its Ether holdings, Bitmine Immersion Technologies chairman Tom Lee said on Wednesday that the recent cryptocurrency slump was a “mini crypto winter” that may already be coming to an end.
In a keynote address at Paris Blockchain Week 2026, Lee stated that the US-Israel war with Iran has caused equity markets to plummet and that tokenisation and agentic AI projects connected to the smart contract network will propel Ether out of its “massive consolidation”.
Lee believes equities have bottomed out, leading to a recovery in the cryptocurrency market, which uniquely declined without a corresponding stock market bear. “Bad news causes equity markets to plummet. Citing past instances of stock markets plummeting following the start of wars, Lee added, “And we’ve had a lot of bad news.”
Additionally, Lee stated that if his market theory is true, ETH is “probably on its way to 60,000”. He went on to define $62,000 as a fair-value scenario over the coming years, based on Ethereum attaining about a quarter of Bitcoin’s long-term value.
His remarks coincide with a broader decline in the cryptocurrency market. According to data from Bitminetracker, Ether’s price has dropped 43% since October 2025 and is currently trading at about $2,327, much below Bitmine’s average cost basis of $3,660.
Lee’s remarks also come after Bitmine revealed in a filing with the US Securities and Exchange Commission on Tuesday that it had lost $3.82 billion on its Ether holdings in the first quarter of this year.
The company’s approximately $3.78 billion in unrealised losses on its cryptocurrency holdings were the primary cause of the statistic. Additionally, Bitmine reported $11 million in revenue, of which $10.2 million came from staking ETH.
Source: X.com
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