Digital assets are currently playing second fiddle to record-breaking runs in gold (CM:XAUUSD) and silver (CM:XAGUSD), but BitMine Immersion Technologies (BMNR) Chairman Tom Lee believes a massive “catch-up” trade is just around the corner. On January 26, 2026, Lee shared on CNBC’s Power Lunch that while investors are currently flocking to traditional safe havens, the fundamentals for a crypto recovery are stronger than they appear.
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Metals Steal the Spotlight
Gold prices reached a historic $5,100 on Monday, marking a 17.5% climb since the start of 2026. Silver has seen even more aggressive growth, skyrocketing 57% to hit $110. This flight to safety is largely driven by trade tariff threats and a weakening U.S. dollar, which traditionally helps Bitcoin (BTC-USD); except when gold is stealing the show.
According to Lee, the lack of leverage in the crypto industry is also playing a role. After the “Oct. 10 deleveraging event” of 2025, many major players were wiped out, leaving the industry to “limp along” despite better underlying tech. Lee noted: “Because when gold and silver take a break, then and in the past, that would lead to a Bitcoin and Ethereum surge afterwards.”
BitMine Doubles Down on Ethereum
While the broader market waits for a crypto recovery, Lee’s firm BitMine Immersion Technologies is not sitting around doing nothing. The company, which is the world’s largest public Ethereum (ETH-USD) treasury, purchased another 20,000 ETH for $58 million on Monday. This brings their total holdings to more than 4.24 million ETH, representing roughly 3.52% of the entire circulating supply.
This aggressive buying is part of what Lee calls the “Alchemy of 5%,” a goal to own one out of every twenty Ether tokens in existence. Beyond just holding the coins, BitMine is preparing to launch its MAVAN (Made in America Validator Network) in early 2026. This infrastructure will allow the company to stake its massive ETH holdings and earn an estimated $374 million in annual rewards.
The Market Requires a Return of Risk Appetite
For a true recovery to happen, analysts argue that the market needs to move from a state of “fear” to “risk appetite.” While gold thrives on panic, Bitcoin typically flourishes when investors are looking for growth. Lee remains highly optimistic about the convergence of traditional finance and blockchain, stating: “So, I think crypto prices aren’t quite keeping up with fundamentals, but as you know, when fundamentals go up and to the right, prices eventually follow.”
The recent Davos summit further reinforced this view, highlighting that major financial institutions are actively building on smart blockchains like Ethereum. As these projects move from pilots to production, the demand for the underlying assets is expected to skyrocket, regardless of what gold is doing.
