BitMine chairman Tom Lee links AI selloff and Anthropic IPO to crypto pressure

bitmain phone

Lee says margin calls, IPO cash-raising and returned hack funds may be weighing on crypto, but he remains bullish on Ethereum

Sat 14 Nov 2026 · 21:12 EST · 3 min read

In Crypto

Crypto’s latest slump may have less to do with crypto than you’d think.

Tom Lee, chairman of BitMine Immersion Technologies (NYSE: BMNR), says three liquidity events may be adding selling pressure to digital assets: margin calls tied to falling AI and semiconductor stocks, investors raising cash ahead of Anthropic’s IPO, and returned funds connected to a $6.3 billion Binance hack.

Three drains on one bathtub

The first drain is the AI trade. As AI and semiconductor stocks have declined, leveraged investors have reportedly faced margin calls. Those are demands from brokers to add cash or collateral when positions fall too far.

When that happens, investors sell what they can. Crypto, which trades around the clock and settles quickly, is often the easiest thing to sell. It becomes the ATM for losses incurred somewhere else.

The second drain is Anthropic. The AI company’s IPO is scheduled for November 19, 2026, according to the research findings, and Lee suggests investors may be freeing up cash in anticipation of retail allocations.

The third factor is the Binance hack. The research findings indicate the hack occurred around late October 2026, with approximately $6.3 billion in funds reportedly being restored or made available.

Lee counts the movement of those returned funds among the forces that may add to selling pressure.

A squeeze with a regional accent

Lee characterizes the combined effect as a short-term “liquidity squeeze” falling mainly on retail investors. He points to the US, South Korea and Taiwan as the markets feeling it most.

BitMine keeps buying anyway

Lee isn’t just talking about the market. His company is actively buying in it.

BitMine has continued adding to its Ethereum treasury through the volatility. The firm now holds approximately 6.06 to 6.07 million ETH, which works out to about 4.9 to 4.97% of the total ETH supply.

That puts BitMine close to its self-imposed cap of 5% of supply. With that ceiling in sight, the company is moving to resume share buybacks.

The accumulation strategy began in mid-2025. It has been funded mainly through equity issuance, with staking rewards providing an additional boost to holdings.

The “coiled spring” thesis

Despite the short-term pressure, Lee’s long-term view on Ethereum remains bullish. He describes the current setup as a “coiled spring,” a market compressed by temporary forces with potential to move higher if fundamentals hold.

He also argues that crypto assets have shown resilience compared to AI stocks during the recent turbulence.

Lee ties his optimism to what he calls a “supercycle” driven by tokenization and AI. Tokenization refers to putting real-world assets like stocks or bonds onto blockchains, where they can be traded and settled digitally.

What this means for investors

Some of the liquidity events have visible timelines. Anthropic’s IPO has a scheduled date of November 19, 2026, which means any cash-raising tied to it may ease once the listing happens and allocations are settled.

The returned Binance hack funds are another variable. How much of the reported $6.3 billion actually moves through the market, and how quickly, could shape whether that pressure lingers or fades.

There’s also the obvious context. Lee chairs a company with a massive Ethereum position, so his bullish read lines up neatly with his firm’s balance sheet.

BitMine itself is worth watching as a signal. As the company approaches its 5% cap and pivots toward buybacks, one of the more persistent corporate buyers of ETH may be stepping back from the market.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.