The company led by Tom Lee has been actively buying Ethereum, having added 60,976 coins for nearly $123 million, bringing its total holdings to approximately 4.5 million ETH, valued above $9 billion based on current prices. Despite this substantial accumulation, Le’s firm has an average entry price exceeding $3,700 per ETH, resulting in significant unrealized losses.

The firm holds around 3.76% of the total Ethereum supply, alongside 195 BTC, a $200 million stake in Beast Industries, a $14 million investment in Eightco Holdings, and reserves of $1.2 billion in cash.

“Ethereum prices showed resilience this week, in the face of rising war concerns and surging oil prices. We continue to believe that crypto prices are in the late/final stages of the ‘mini-crypto winter’ and are tracking the base case outlined by Bitmine’s advisor, Tom DeMark of DeMark Analytics. According to DeMark, ETH prices in 2026 are tracking the path of the S&P 500 in the fall of 2011 and fall of 1987 closely.” - Tom Lee

He elaborated that the correlation of these price trajectories was 89% and 93% for 2011 and 1987, respectively. If these trends continue, it’s anticipated that ETH prices could fall below $1,750 this week, aligning with the overall market’s final stages of this ‘mini-crypto winter.’

Consequently, Lee stated that BitMine plans to slightly increase its pace of Ethereum accumulation.

Recently, Ethereum has shown a recovery amidst market volatility influenced by events in the Middle East, hovering just above the $2,000 mark. However, its prior breakout attempt faced resistance at around $2,200 and has yet to reclaim those price levels.