Tom Lee's Bitmine Adds 27,562 ETH, Declares Bull Market Mid‑Grocery‑Run 🚀

Ethereum treasury firm Bitmine Immersion Technologies disclosed Monday that it acquired 27,562 ETH over the past week, a purchase worth roughly $74 million, extending an unbroken streak of weekly buys that began when the company launched its treasury strategy on June 30, 2025. The announcement comes as Ether trades above the $2,700 psychological level, with the company's NYSE-listed BMNR shares up over 5% on the day amid the broader crypto rally.

Bitmine now holds 5,983,940 ETH, representing 4.9% of Ethereum's total supply of 122.1 million tokens and valued at about $16.1 billion at a reference price of $2,688 per coin. Chairman Tom Lee said the company remains 98% of the way to its stated target of controlling 5% of the network, a goal it calls the "Alchemy of 5%." Counting cash, other tokens and "moonshot" investments, Bitmine's total holdings reached $17.1 billion as of Saturday, including 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million position in Eightco Holdings.

Lee argued that a crypto bull market has been underway since late June, citing a rotation out of AI stocks back into crypto, strengthening fundamentals around tokenization and what he described as the end of the four-year cycle. He said Ethereum has been the best-performing macro asset this quarter, outperforming the S&P 500 by 6,519 basis points, and framed that as a "prelude" to a stronger fourth-quarter move as underweight institutions add exposure. According to DropsTab, Bitmine still sits on an unrealized loss of just over $3.5 billion despite the latest rally.

The firm staked 5,067,309 ETH, or about 85% of its holdings, through its MAVAN platform for projected annualized revenue of roughly $357 million. Bitmine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy, which recently pushed its Bitcoin pile back toward a June record with a $76 million purchase. Lee is scheduled to deliver the keynote at Korea Blockchain Week on September 30.