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Tom Lee says Ethereum is near a bottom as Bitmine nears 5% supply target

Tom Lee says Ethereum is near a bottom as Bitmine nears 5% supply target

Bitmine said it held 5.77 million ETH as of July 12, then appeared to receive another 6,000 ETH on July 14, while Tom Lee argued Ethereum may be close to a bottom.

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Fact Check
Every element of the claim is corroborated by the primary event reporter CoinPost and multiple independent outlets. Lee spoke at WebX 2026 in Tokyo as Bitmine chairman; he framed ETH as being in a bottom region/'second growth curve' (ETH 2.0); he linked this to macro headwinds (Fed policy, Clarity Act uncertainty, AI capital concentration, weak financials) and institutional adoption (BlackRock BUIDL, JPMorgan, Robinhood/Coinbase/Kraken L2s). Bitmine's position is reported as 5.74 million ETH (~4.8% of supply, i.e., 95% of a 5% target — consistent with 'nears 5% supply target'), with ~85% (4.87M) staked, matching 'most of it staked.' The only minor imprecision is 'nears 5% target' vs. the actual 4.8%, which is fully consistent with the sources.
Summary

At WebX 2026 in Tokyo on July 13, Bitmine Chairman Tom Lee said Ethereum appears close to a bottom and that the ETH/BTC ratio could signal a broader crypto recovery, while arguing smart contract blockchains may help provide accountability in an AI-driven economy. Separately, Bitmine Immersion Technologies said it bought 27,801 ETH over the past week, lifting holdings to 5,770,038 ETH as of July 12, or about 4.8% of Ethereum’s roughly 120.7 million supply, with total crypto, cash, marketable securities and other investments of $11.3 billion. After that disclosure, on-chain tracker Lookonchain reported that Bitmine received another 6,000 ETH worth about $11.18 million from FalconX on July 14, a transfer the market viewed as a likely additional Ether purchase, though the company had not formally confirmed it in the cited report.

Terms & Concepts
  • ETH/BTC ratio: A trading pair showing how much Bitcoin one Ether can buy, often used to gauge Ethereum’s relative strength versus Bitcoin.
  • staked ETH: ETH locked to help secure the Ethereum network and earn rewards while remaining exposed to ETH price movements.
  • on-chain analytics: Analysis of public blockchain transaction data to track wallet activity and transfers on public blockchains.