Crypto Spring Has Officially Begun, Says Bitmine’s Tom Lee

Bitmine Immersion Technologies Chairman Tom Lee declared that the crypto spring has commenced.

In late April, Lee pushed back against the consensus view that crypto winter would drag through fall, arguing the downturn was nearing its end.

“Crypto Spring, in our view, has commenced, and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen,” he said.

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The executive explained that either outcome on the CLARITY Act, whether it passes or even fails, would “confirm the arrival of crypto spring.”

Senators Thom Tillis and Angela Alsobrooks finalized a bipartisan compromise on stablecoin rewards in the CLARITY Act. The text bans stablecoin yield on reserves while preserving activity-based rewards.

Lee called the framework acceptable, signaling hope for passage this year. Polymarket traders now price the odds of 2026 passage above 60%, the strongest reading in more than a month.

Two Structural Drivers Supporting Ethereum

Looking at what could drive the next leg of crypto gains, Lee pointed to two structural forces working in Ethereum’s favor. He cited the migration of Wall Street tokenization onto the chain, alongside growing demand from agentic AI systems that require neutral, open infrastructure to operate.

Lee positioned Ethereum as the dominant smart contract network for tokenization and well-placed to support the rise of agentic commerce. He added that ETH is increasingly being treated as both a store of value and a medium of exchange.

“This role for ETH has arguably been demonstrated by its outperformance since the Iran War commenced. ETH has outperformed the S&P 500 by 1,380 basis points since the war started and remains one of the top performing assets in the world (beside crude oil prices),” stated Lee.

The Ethereum treasury firm also announced its holdings on May 4. Total crypto and cash now stand at $13.1 billion, including 5.18 million ETH, equal to 4.29% of the supply.

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