Thomas Lee, president of Bitmine Immersion Technologies, indicated this Monday, May 11, 2026, that he considers that the cryptocurrency market has entered its recovery phase. The executive believes that “the spring of cryptocurrencies has begun” and highlighted the importance of owning ether (ETH) as a source of diversification in investment portfolios.
“If ETH closes above $2,100 at the end of May 2026, it would be the third consecutive month of gains, something never seen in a cryptocurrency bear market,” Lee detailed. According to him, a close above that price would confirm your hypothesis.
The chart below, shared by BitMine on their X account, highlights with green circles the times when ETH has had bullish months during a bearish cycle.
The manager also identified underlying structural factors. “Wall Street’s transition to tokenization and agent-based AI” will drive growth, he explained. In the case of real-world asset (RWA) tokenization, it is a market that already reaches a capitalization of $30 billion in circulating assets today.
Bitmine, a publicly traded company with the largest ETH treasury in the world, supports this vision with its aggressive ETH accumulation plan. The company acquired 26,659 ETH worth $63 million last week. Lee justified his position in the recent behavior of the price of ether, the native cryptocurrency of the Ethereum network, and in the actions of his company.
“Since the beginning of 2026, Bitmine has acquired more than 1 million ETH and has accumulated more than 4.3% of the total ETH supply,” said Lee. This strategy directly reduces the amount of ETH available on the market.
The company maintains a long-term retention policy. “We intend to stake our ETH holdings,” the president said. To manage these funds, as reported by CriptoNoticias, the firm uses its own staking platform called MAVAN (Made in America Validator Network), launched in March 2026. Bitmine currently holds 5,206,790 ETH in total. Of that amount, it keeps 4,712,917 ETH in stake, which represents more than 90% of its holdings.
“Our ETH holdings are reducing the available supply of ETH and have removed 4.3% of the total supply of ETH since June 30, 2025. In other words, the supply of ETH has been disinflationary since June 2025,” Lee said.
Given the pace reached, The firm decided to reduce the weekly accumulation ratesince their original goal was to reach the 5% goal by the end of 2026. With the previous pace of more than 100,000 ETH weekly, they would have reached the goal in mid-July.