Tom Lee Predicts 'V-Shaped Recovery' As BitMine Adds 40,613 ETH

BitMine (NYSE:BMNR) added 40,613 Ethereum (CRYPTO: ETH) in the past week, bringing total holdings to 4.326 million ETH worth $9.2 billion, as Executive Chairman Tom Lee predicts a “V-shaped recovery” for ETH.

Lee’s V-Shaped Recovery Thesis

Lee pointed to Ethereum’s strengthening fundamentals despite the 62% price crash from 2025 highs. 

Daily transactions hit an all-time high of 2.5 million while active addresses soared to 1 million daily—both records.

“ETH sees V-shaped recoveries from major lows,” Lee said. “This happened in each of the 8 prior declines of 50% or more. A similar recovery is expected in 2026.”

Lee cited 2025 as precedent. From January to March, ETH fell 64% before surging from $1,600 to $5,000 later in the year. 

He argued this represents the 8th time since 2018 that ETH has fallen 50% or more, making such declines an annual occurrence.

“The best investment opportunities in crypto have presented themselves after declines,” Lee added, comparing current conditions to the 2025 tariff-driven selloff that created attractive entry points.

The Holdings Update

As of February 8, BitMine holds 4,325,738 ETH, representing 3.58% of total ETH supply. 

The company also holds 193 Bitcoin, $200 million stake in Beast Industries, and $595 million cash for total holdings of $10 billion.

BitMine has staked 2,897,459 ETH, generating $202 million in annualized staking revenue at current rates. 

The Technical Reality

BMNR is testing critical $21.67 support—the last line of defense before potential collapse toward $12-$15. 

The stock has lost approximately 80% from its $110 peak.

All EMAs sit above price: 20 EMA at $25.34, 50 EMA at $29.83, 100 EMA at $33.41, and 200 EMA at $32.09. The Supertrend at $25.59 remains firmly bearish.

Any bounce faces immediate resistance at $25.34 and $25.59.

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