Crypto Spring

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Tom Lee says ‘crypto spring’ started as largest <a href="https://tech-oracle.com/eth-usd/">Ethereum</a> treasury buys $238 million in etherFinance

What to know:

  • Ethereum treasury firm Bitmine acquired 101,745 ether last week, bringing total holdings to 5.18 million ETH.
  • Chairman Tom Lee said “crypto spring” has begun despite muted investor sentiment.
  • Firm staked over 4.36 million ETH, generating nearly $300 million in annualized revenue.

Bitmine, one of the biggest companies holding Ethereum, purchased 101,745 ETH last week. This move came as Chairman Thomas Lee predicted a recovery in the crypto market, despite continued cautious feelings among investors.

With this latest purchase, the company now holds more than 5.18 million ETH, which represents approximately 4.29% of all ETH in circulation, as of Monday.

Bitmine currently has $13.1 billion in crypto and cash. This includes 200 Bitcoin, $700 million in cash, and investments in companies like Beast Industries and Eightco Holdings, along with its Ethereum holdings.

The company recently purchased another $238 million worth of Ethereum, continuing a trend of large weekly investments as they significantly increase their holdings.

Crypto spring builds as CLARITY Act moves forward

The company is betting on a recovery in crypto markets after a recent downturn, which they’re calling a “mini-winter.” They believe conditions are improving, and they’re encouraged by progress on potential U.S. regulations for digital assets, specifically the CLARITY Act.

The U.S. Senate has published a compromise version of the CLARITY Act. It prohibits stablecoins from earning interest on their reserves, but allows rewards based on user activity, aiming to safeguard traditional banks. The company considers this compromise generally acceptable and anticipates the bill’s passage in 2026. Traders on the Polymarket prediction platform currently estimate there’s a greater than 60% chance the bill will pass this year.

According to Lee, the crypto market is starting to recover – a ‘Crypto Spring’ – but investors are still cautious and pessimistic, even though prices are going up, similar to what’s happened in previous market cycles.

According to Lee, Ethereum is gaining traction due to two major developments: the increasing trend of turning traditional assets into digital tokens on blockchains (tokenization), and the growing popularity of AI tools which he believes will need unbiased, open networks to process payments and confirm transactions.

He also noted that more and more people are seeing Ethereum as both a way to hold wealth and a way to make purchases, pointing out that it has performed better than stocks since the beginning of the conflict in Iran.

BitMine has significantly grown its staking activities, committing over 4.36 million ETH – more than 84% of its total assets – to earn rewards. This generates around $297 million in annual revenue. Their MAVAN platform handles both the company’s own staking needs and demand from other institutions. BitMine’s Lee will be presenting at CoinDesk’s Consensus Miami event this week.

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2026-05-04 17:23