Tom Lee: Mini crypto winter ending; Ether may hit $60K

At Paris Blockchain Week 2026, Bitmine Immersion Technologies chairman Tom Lee said the recent “mini crypto winter” may be ending and predicted Ether could reach $60,000 to $62,000. The remarks came days after Bitmine filed a Form 10-Q reporting a $3.82 billion loss for the quarter, mostly from unrealized markdowns on its Ether holdings.

Lee addressed attendees in a keynote, arguing that equity markets have already hit their lows following geopolitical shocks tied to the US‑Israel war with Iran and describing the crypto downturn as an “unusual” consolidation that did not mirror broader stock market moves. He linked his bullish view for Ether to the tokenization push on the Ethereum network and the rise of agentic artificial intelligence projects that would use smart contracts. “Equity markets bottom on bad news. And we’ve had a lot of bad news,” he said, adding that ETH is “probably on its way to 60,000.”

Bitmine’s SEC filing showed a $3.82 billion loss in the first quarter, driven primarily by $3.78 billion in unrealized losses on crypto assets. The company reported $11 million in revenue for the quarter, including $10.2 million from ETH staking. The filing also disclosed a purchase of 71,524 Ether on Monday, which the company said brought its holdings to roughly 4.04% of the total Ether supply.

The company recently uplisted from NYSE American to the New York Stock Exchange on April 9. Bitmine and Exodus Movement were the only public corporate treasuries to report Ether purchases in the past 30 days.

Market data show Ether fell about 43% since October 2025, trading near $2,327 at the time of the SEC filing. Bitmine’s reported average cost basis was $3,660 per ETH, widening the gap between its carrying values and current market prices and creating large unrealized losses on its balance sheet.

Third‑party data indicate Bitmine is the largest corporate Ether holder, with roughly 4.6 million ETH. The company’s concentrated exposure to Ether and its recent NYSE listing have increased public attention on its balance sheet and strategy.

Bitmine’s staking revenue provides an operating income stream that continued in the quarter even as treasury valuations fell. The company’s filings and the comments at Paris Blockchain Week detail its view of longer‑term demand for Ethereum‑based applications and its recent trading and purchase activity.