- Bitmine bought 27,562 ETH, bringing its total holdings to 5,983,940 ETH ($16.1 billion), or 4.9% of the total supply.
- Chairman Tom Lee claims a crypto bull market began in late June and predicts underweight institutions will enter in Q4.
- The company’s total assets, including cash and moonshots, hit $17.1 billion, making it the second-largest crypto treasury after Strategy.
Bitmine Immersion Technologies continued its unbroken weekly buying streak, adding 27,562 Ethereum worth roughly $74 million as chairman Tom Lee argued a fresh crypto bull market has begun. The NYSE-listed company said Monday its holdings now total 5,983,940 ETH, worth about $16.1 billion at a reference price of $2,688 per coin.
That represents 4.9% of Ethereum’s total supply, leaving Bitmine 98% of the way to its stated goal of controlling 5% of the network, a target it calls the “Alchemy of 5%.” The purchase extends a run that has not paused since Bitmine launched its treasury strategy on June 30, 2025.
Lee said he believes a crypto bull market has been underway since late June, driven by a rotation out of AI stocks and into crypto. He argued Ethereum has been the best-performing macro asset this quarter, outpacing the S&P 500 by 6,519 basis points, according to reports on a market prediction platform.
Counting cash, other tokens, and “moonshot” investments, Bitmine‘s total holdings reached $17.1 billion as of Saturday. Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy.
Strategy recently pushed its Bitcoin pile back toward a June record with a $76 million purchase, part of a broader wave of renewed treasury buying as prices climbed. Bitmine continues to generate staking income, with 85% of its holdings staked through its MAVAN platform for projected annualized revenue of roughly $357 million.
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