- Bitmine acquired 12,532 ETH over the past week, bringing its holdings to 6,028,946 ETH, or 4.9% of Ethereum‘s supply.
- Chairman Tom Lee said the firm needs about 100,000 more ETH to reach its 5% target, after which it will be “done stacking.”
- Lee predicted the largest crypto bull market ever, citing tokenization, a generational wealth transfer and supply held by treasury firms.
Bitmine Immersion Technologies purchased 12,532 ETH worth approximately $31.9 million last week, boosting its total Ethereum holdings to 6,028,946 tokens, according to a press release. The stash now represents 4.9% of Ethereum’s total supply, leaving the company 99% of the way to its 5% ownership goal.
Chairman Tom Lee said in his monthly message that the firm needs about100,000 more ETH to reach that target, after which it will stop buying. “Now we’re done stacking while a bull market is starting,” Lee stated, noting that if Ethereum rises significantly, the company will outperform.
Lee predicted the largest crypto bull market ever, driven by tokenization, a wealth transfer to younger investors, supply absorbed by digital asset treasury firms, and AI agents using crypto wallets. He projected that Ethereum at $22,000 would push Bitmine shares from around $26 to between $300 and $500.
The company values its ETH at $2,544 per token and reports total crypto, cash, and investment holdings of $16.2 billion. That includes 214 Bitcoin, $612 million in cash and marketable securities, and stakes in Beast Industries ($180 million) and Eightco Holdings ($85 million). Bitmine has staked 5,067,309 ETH, generating annualized staking revenue of about $336 million, as disclosed in the release. Its perpetual preferred stock, BMNP, issued at $80 in June, last closed at $99.53.
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