Bitmine Boosts Ethereum Holdings as Tom Lee Sees Bull Market Underway
Bitmine Immersion Technologies (NYSE:BMNR) has made another significant Ethereum purchase, buying 27,562 ETH last week.
This acquisition brings Bitmine's total holdings to 5.98 million ETH, worth around $16.08 billion at current prices, representing approximately 4.9% of Ethereum's total supply and putting the company 98% of the way towards its goal of holding 5% of Ethereum's supply.
Bitmine has been steadily purchasing ETH every week since launching its treasury strategy on June 30, 2025, with its total crypto plus cash holdings now standing at $17.1 billion.
Ethereum's Q3 outperformance is seen as a key factor in the bull market, according to Bitmine Chairman Tom Lee, who noted that ETH has beaten the S&P 500 by 6,519 basis points quarter to date, up sharply from just two weeks earlier when it was beating the index by 5,866 basis points.
Lee attributes this move to a rotation away from AI stocks back into crypto, strengthening fundamentals around tokenization and AI infrastructure, and the ending of the four-year cycle. He expects institutions to substantially increase their crypto exposure in the final three months of 2026, arguing they entered the year underweight after AI stocks dominated early gains.