Ethereum is heading for a “V-shaped recovery” after crashing 60% from its peak, according to Bitmine Chair Tom Lee.
“A V-shaped recovery means prices will quickly rocket back to their peaks after a significant drop.”
“This happened in each of the eight prior declines of 50% or more,” Lee said on Monday.
“A similar recovery is expected in 2026.”
Lee’s optimistic outlook comes as the second-largest crypto hovers near $2,000 per token, after falling 35% over the past month amid an industry drawdown that has wiped out $2 trillion in value.
“Crypto prices are highly volatile, and in fact, this is the eighth time since 2018 that Ethereum prices have fallen 50% or more from a recent high, meaning declines like this are seen annually,” he said.
“The best investment opportunities in crypto have presented themselves after declines. Think back to 2025, the single best entry points in crypto occurred after markets fell sharply due to tariff concerns.”
Bitmine buys just over another $80m worth of Ethereum.
The firm purchased just over another $80 million worth of tokens on Monday.
Bitmine is backed by the likes of Peter Thiel’s Founders Fund and Cathie Wood’s ARK Invest, now owns 3.6% of the entire Ethereum token supply and is aiming for 5%.
Bitmine is now sitting on at least $6.6 billion in unrealised losses from its Ethereum purchases.
Bitmine’s share price has fallen about 66% to $21 over the past six months in light of Ethereum’s poor price performance.
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