Bitmine Buys Huge ETH Haul as Tom Lee Declares Crypto Bull Market Underway
Bitmine Immersion Technologies (NYSE:BMNR) continues to bolster its Ethereum treasury by purchasing 27,562 ETH last week. According to a Monday press release, this acquisition brings Bitmine's total ETH holdings to 5.98 million, valued at around $16.08 billion at current prices.
This represents approximately 4.9% of the total Ethereum supply and puts the company 98% of the way towards its goal of holding 5% of the cryptocurrency.
Chairman Tom Lee believes that this bull market is already underway, pointing to Ethereum's Q3 outperformance as a key indicator. He notes that ETH has beaten the S&P 500 by 6,519 basis points quarter-to-date, up from 5,866 basis points just two weeks prior.
Lee attributes this move to a rotation away from AI stocks back into crypto, strengthening fundamentals around tokenization and AI infrastructure, and the end of the four-year cycle. He expects institutions to increase their crypto exposure in the final three months of 2026, arguing that they entered the year underweight after AI stocks dominated early gains.