Bitmine increased its ETH holdings by 71,179 coins last week, Tom Lee suggests crypto bear market may end when oil-price risk peaks

BlockBeats News, March 30th - Bitmine announced today that as of 6:00 p.m. Eastern Time on March 29, 2026, the total value of the company's cryptocurrency holdings, cash, and the "Moonshot Project" (a high-risk, high-return investment) has reached $10.7 billion. The specific holdings include:

· 4,732,082 ETH· 197 BTC· $200 million investment in Beast Industries· $1.02 billion investment in Eightco Holdings (NASDAQ: ORBS)· and $9.61 billion in cash.

Bitmine Chairman Tom Lee stated: "With the Iran War entering its fifth week, both ETH and cryptocurrency have outperformed the broader market, with ETH outperforming stocks by 1160 basis points. This stands in stark contrast to traditional store-of-value asset gold, which has lagged by over 750 basis points. Cryptocurrency is proving to be a good 'wartime' store of value."

Lee continued: "The negative correlation between cryptocurrency (and stocks) and oil has been increasing, now at its highest level in the past year. This makes sense. Until the stock market is comfortable with the future direction of oil prices, an increase in oil prices is a headwind for stocks and cryptocurrency alike. In a sense, when the risk of oil price increases peaks, the crypto winter may also be ending."

Lee stated: "Bitmine has maintained an accelerated pace of ETH purchases over the past four weeks as our core thesis is that ETH is in the final stage of a 'mini crypto winter.' In the past week, we have acquired 71,179 ETH, compared to a weekly average of 45,000 to 50,000 ETH prior to that."