Bitmine Buys $74M More Ether as Tom Lee Says Crypto Bull Market Has Begun

Bitmine Immersion Technologies said it purchased 27,562 Ether (ETH) this week, a stake the company valued at about $74 million. The buy extends a weekly accumulation streak that began with the launch of its treasury strategy on June 30, 2025. The NYSE-listed firm said Monday it now holds 5,983,940 ETH, worth roughly $16.1 billion using a reference price of $2,688 per token. Bitmine said the position equals about 4.9% of Ethereum's 122.1 million total token supply, putting the company 98% of the way to its stated goal of controlling 5% of the network, a target it brands the "Alchemy of 5%". Chairman Tom Lee said he believes a crypto bull market has been underway since late June, citing a rotation out of artificial intelligence stocks and into crypto, improving fundamentals tied to tokenization, and what he described as the end of the four-year cycle. Lee said Ethereum has been the best-performing macro asset this quarter and has outpaced the S&P 500 by 6,519 basis points. He called the move a setup for a stronger fourth quarter if institutions that are underweight crypto increase exposure. Bitmine said total holdings were $17.1 billion as of Saturday, including cash, other tokens and its moonshot investments. The total included 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million position in Eightco Holdings. The company said it remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, behind Michael Saylor's Strategy. Strategy recently bought $76 million worth of Bitcoin. Bitcoin topped $85,000 over the weekend after more than $648 million in short positions were liquidated. Bitmine also said 5,067,309 ETH—about 85% of its holdings—is staked via its MAVAN platform, with projected annualized revenue of roughly $357 million. Lee is scheduled to deliver the keynote at Korea Blockchain Week on Sept. 30. Decrypt disclosed that Lee is one of several investors in Dastan, the parent company of Decrypt.