After months of slump in the cryptocurrency market, Wall Street's super bulls have once again stepped in to stabilize market sentiment.
Tom Lee, chairman of Bitmine Immersion Technologies, pointed out in his keynote speech at Paris Blockchain Week 2026 on Wednesday (15th) that the recent crypto market downturn is just a "mini Crypto Winter winter" and that this winter may have already ended.
With the stock market bottoming out and rebounding, ETH is poised for a large-scale recovery.
Tom Lee points out that traditional stock markets have bottomed out due to geopolitical headwinds such as the US-Iran conflict. He considers the recent cryptocurrency decline quite "unusual" because it's the first time it hasn't coincided with a widespread bear market in stocks. Lee cites historical experience, noting that the outbreak of war often marks the bottom of the stock market.
"The stock market usually bottoms out and rebounds on bad news, and we've had enough bad news already."
Against this macro backdrop, Tom Lee has set his sights on Ethereum (ETH). He predicts that Ethereum is about to emerge from its large-scale consolidation period, driven by tokenization and the application of agentic AI on smart contract networks.
He boldly gave a future price target: if his market analysis is correct, ETH may be on its way to $60,000 . He further described $62,000 as a "fair value" over the next few years, based on the valuation logic that "Ethereum will reach a quarter of Bitcoin's (BTC) long-term value."
Despite the fact that Bitmine's magnesium production did not turn into a loss, the company bought more as the price fell.
However, while Tom Lee made these optimistic remarks, his company, Bitmine, is facing enormous financial pressure. Since October 2025, the price of ETH has plummeted by 43% and is currently hovering around $2,327; this is far below Bitmine's average holding cost of approximately $3,660.
According to a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, Bitmine recognized a massive loss of $3.82 billion in the first quarter of this year, the vast majority of which (over $3.78 billion) came from "unrealized losses" on its crypto assets. While the company also reported $11 million in revenue (of which $10.2 million came from ETH staking), this was insufficient to offset the enormous losses from the price drop.
Despite significant paper losses, Bitmine's faith in Ethereum seems unwavering. On Monday, the company announced the purchase of another 71,524 ETH. Having just listed on the New York Stock Exchange (NYSE) on April 9th, Bitmine currently holds 4.6 million ETH (worth over $10 billion), controlling 4.04% of the total network supply and making it the world's largest enterprise-level holder of Ethereum (far exceeding the second-largest holder, SharpLink Gaming, with 863,000 ETH).
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