Bitmine bought $75 million ether as Tom Lee says institutions are still underweight crypto

Bitmine Immersion Technologies continued its weekly ether purchases last week, acquiring 27,562 ETH — a transaction valued at about $75.2 million using Monday’s ETH price of $2,727. The buy raised the firm’s total Ethereum holdings to 5,983,940 ETH, equivalent to roughly 4.9% of the token’s 122.1 million supply and keeping the company near its stated goal of owning 5%.

The company has pursued a regular accumulation strategy since June 2025, when it shifted to a crypto treasury approach. At its current rate of purchases, Bitmine said it could reach its 5% target within a few months. The firm has staked about 5 million ETH — roughly 85% of its holdings — and estimated staking income at about $357 million per year under prevailing yields.

Bitmine’s shares reacted to recent market moves, trading 5.8% higher in pre-market activity and extending an 8% rally from Friday as ether rose to its highest level since late January. Chairman Tom Lee, speaking at Consensus 2026, argued that many institutional investors remain underexposed to crypto after favoring AI-related equities earlier in the year. He noted that ETH’s strong performance since June — a 76% gain versus a roughly 2% rise for the S&P 500 — could prompt fund managers to increase crypto allocations in the final quarter of 2026.

Lee also cited tokenization and the expanding role of blockchain in AI as longer-term drivers that might draw more institutional participation. Bitmine’s steady accumulation and large staked position reflect one corporate approach to gaining exposure to ether while generating staking revenue, and underscore how corporate treasuries can influence supply dynamics when holders target multi-percent stakes of a token’s total supply.