Tom Lee Declares "Biggest Bull Cycle Ever" While Quietly Stockpiling 6 Million ETH Like It's Going Out of Style 🐂

Tom Lee, chairman of BitMine Immersion Technologies, said at Korea Blockchain Week 2026 that crypto is entering the largest bull cycle on record, citing Bitcoin trading above its 200-day moving average and steady institutional inflows into Bitcoin products throughout September as supporting evidence. That moving average signal has preceded eight of the past nine bull markets over the past 12 years. "I believe this crypto cycle will be the biggest ever," Lee said, also noting the asset has been "consolidating for 5 years."

Lee pointed to major banks including BlackRock and JPMorgan Chase tokenizing assets as evidence that traditional finance now treats blockchain infrastructure as permanent rather than experimental. He also referenced a generational wealth shift, noting that people in their twenties are set to inherit roughly $700 billion this year, up sharply from about $100 billion in 2019-2020, which he said could help push crypto's total market value toward $10 trillion. Lee cited Ethereum's prior rallies of 227-fold in 2016 and 50-fold in 2020 following extended sideways trading as a comparable pattern.

BitMine is positioning itself directly for that rally with a stated goal of securing 5% of Ethereum's total supply through ongoing staking and share buybacks. The firm added 17,362 ETH during the week ending September 28, following a 27,562 ETH purchase the week prior. Those purchases brought total holdings to 6,001,302 ETH, worth roughly $16.06 billion at current prices.

As of September 27, BitMine had staked 5,067,309 ETH, a figure the company says exceeds any other entity in the world. Lee described Ethereum as the best-performing macro asset this quarter, outpacing traditional markets by a wide margin, and said he expects institutions that remain underweight on crypto to raise their exposure during the fourth quarter. "Our goal is for Bitmine stock to deliver higher returns than Ethereum itself," Lee noted.

Ethereum was trading near $2,676, down roughly 1% over the previous 24 hours, at the time of Lee's remarks.