Bitmine Immersion Technologies Chairman Tom Lee has officially declared that "crypto spring" has commenced, as the company aggressively acquired 101,745 ETH last week. Does this phase mark the definitive end of the cryptocurrency market's bearish phase?
"Crypto Spring, in our view, has commenced, and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen," Lee stated in the company's latest announcement." As for the upcoming drivers of crypto gains, Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains."
The timing of Lee's declaration coincides with meaningful price appreciation. Ethereum has gained approximately 14% over the past month, climbing near $2,400, while BMNR stock has surged 19% during the same period.
Importantly, according to Lee, the CLARITY Act confirms the Crypto Spring. "We believe the potential passage, or even failure, of the CLARITY Act confirms the arrival of crypto spring," he said.
What did Tom Lee say about the CLARITY Act?
"The US Senate released the CLARITY Act compromise text, and while it bans stablecoin yield on reserves, activity-based 'rewards' can be offered, in an attempt to balance the needs to protect existing depository institutions (aka traditional banks). This compromise is largely acceptable to us, and we hope to see this bill passed in 2026," stated Lee.
He added, "The prediction markets (like Polymarket) now see >60% chance of passage in 2026, the highest probabilities in more than a month."
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Quick Glance At Bitmine's Total Holdings
As of 3 May 2026, Bitmine's crypto holdings comprise 5,180,131 ETH at $2,336 per ETH, 200 Bitcoin, a $200 million stake in Beast Industries, an $83 million stake in Eightco Holdings, and total cash of $700 million. Bitmine's ETH holdings are 4.29% of the ETH supply (of 120.7 million ETH).
This positions the company as the second-largest corporate holder of any cryptocurrency after MicroStrategy's Bitcoin position.
Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the 'mini-crypto winter.
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