Tom Lee's Bitmine Adds $74M in Ethereum, Declares a Crypto Bull Market 'Underway'

Bitmine Immersion Technologies continued its weekly accumulation of Ethereum with a purchase of 27,562 ETH, valued at about $74 million, the company said. The addition raises Bitmine’s Ethereum balance to 5,983,940 coins, which the firm estimates is worth roughly $16.1 billion using a reference price of $2,688 per token. That stake represents approximately 4.9% of the total Ethereum supply of 122.1 million tokens, leaving Bitmine about 98% of the way to its stated objective of owning 5% of the network — a target the company refers to as the 'Alchemy of 5%.' Bitmine launched this treasury strategy on June 30, 2025, and has purchased ETH every week since then. Chairman Tom Lee framed the purchases within a broader market view, saying a crypto bull market has been in motion since late June. He pointed to a rotation out of AI equities back into crypto, improvements in tokenization fundamentals, and the end of a four-year cycle as drivers. Lee also said Ethereum outperformed other macro assets this quarter, surpassing the S&P 500 by 6,519 basis points, and suggested underweight institutional investors could increase exposure in the fourth quarter. Including cash, other digital assets and smaller equity stakes the company labels 'moonshots,' Bitmine reported total holdings of $17.1 billion. The breakdown includes 212 Bitcoin, about $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million position in Eightco Holdings. Bitmine remains the largest Ethereum treasury globally and the second-largest crypto treasury overall, behind Michael Saylor’s Strategy. The firm also continues to generate staking revenue, with 5,067,309 ETH (around 85% of its holdings) staked via its MAVAN platform for projected annualized income near $357 million.