Tom Lee Doubles Down on ‘Crypto Spring’ Theory but Bitmine Slows ETH Accumulation

Bitmine Immersion Technologies has slowed the pace of accumulation of more ETH, as it’s well within its timeframe to reach the 5% supply target this year.

Nevertheless, its chairman remains highly bullish on crypto and Ethereum in particular, predicting the end of the bull market and the beginning of crypto spring.

The new press release from the firm shows that its total ETH holdings have risen to 5.21 million tokens from 5.18 million last week. This means that the firm has bought roughly 30,000 coins in the past week, which is a substantial decline from the over 100,000 in the previous few accumulation announcements.

The reason for this, according to chair Tom Lee, is that the previous pace of over 100,000 ETH per week “would have us reach 5% by mid-July.” He talks about the percentage of the asset’s total supply owned by the company he runs, which is now at around 4.3%. The company’s goal is to actually hit the coveted 5% in late 2026.

The declining buying efforts don’t mean that Lee and Bitmine are not as bullish on ETH as they were before; just the opposite.

“‘Crypto spring’ has commenced, and we wanted to highlight the importance of owning ETH as a source of diversification, and the likely drivers of this coming ‘crypto bull’ cycle. If ETH closes above $2,100 at the end of May 2026, this would be the third consecutive monthly gain – this has never been seen in a crypto bear market. Thus, a close above $2,100 would validate [that] ‘crypto spring’ has arrived.”

The company has accumulated over a million ETH since the start of 2026. In addition, its portfolio consists of 201 BTC, a $200 million stake in Beast Industries, an $88 million stake in Eightco Holdings, and total cash of $775 million.

It’s still the second-largest corporate holder of any cryptocurrency, trailing only Strategy, which increased its BTC holdings again today.