Bitmine chairman Tom Lee said the recent crypto downturn was a “mini crypto winter” that may already be ending, predicting Ether could climb above $60,000 over the coming years.
Speaking at Paris Blockchain Week 2026, Lee said equity markets have likely bottomed following geopolitical shocks, setting the stage for a broader recovery across risk assets including crypto.
He added that Ether is emerging from a “massive consolidation,” driven by tokenisation and agentic artificial intelligence use cases tied to the network’s smart contract infrastructure.
“Equity markets bottom on bad news, and we’ve had a lot of bad news,”
Said Lee, pointing to historical patterns where markets rebound following major geopolitical events.
Lee said Ether is “probably on its way to 60,000” and described $62,000 as a potential fair value over time, based on Ethereum reaching roughly one-quarter of Bitcoin’s long-term valuation.
The comments came as Bitmine Immersion Technologies reported a $3.82 billion quarterly loss, largely driven by unrealised declines in its Ether holdings, while generating $11 million in revenue primarily from staking.
Ether has fallen about 43% since October 2025 to trade near $2,300, well below Bitmine’s average cost basis of $3,660, highlighting the gap between current prices and long-term bullish projections.
Despite the losses, Bitmine continued accumulating Ether, purchasing 71,524 ETH and bringing its holdings to around 4.6 million tokens, or roughly 4% of total supply, reinforcing its position as the largest corporate holder.
At the time of reporting, Ethereum price was $2,355.82.