Bitmine Reaches 77% of Ethereum Reserve Goal; Tom Lee Says Crypto Winter Nears End

ChainThink reported on March 24, citing Cointelegraph, that Tom Lee, chairman of Bitmine Immersion Technologies, said the company has kept up an aggressive buying pace over the past three weeks and expects ETH's extended decline to ease soon. Lee pointed to momentum behind the CLARITY Bill in Congress and the crypto market's relative steadiness amid the Iran turmoil as signs of a "winter thaw." He said ETH has climbed about 18% since hostilities erupted in Iran, beating equities by roughly 2,450 basis points, while gold has fallen more than 15%. In his view, the moves suggest crypto assets are showing "wartime" store-of-value characteristics. Earlier reports said Bitmine bought an additional 65,341 ETH last week for about $139 million, lifting total holdings to more than 4.6 million ETH—around 3.86% of ETH's current circulating supply of 120.6 million. The figure equates to about 77% of Bitmine's target of owning 5% of total circulating supply.