Bitmine Reaches 5.98 Million ETH Holdings as Crypto Market Sees Bull Run

Bitmine Immersion Technologies (BMNR), a blockchain technology infrastructure company, has announced its Ethereum holdings have reached 5.98 million tokens. This milestone marks the company's significant progress towards its goal of acquiring 5% of the total ETH supply.

The company's ETH holdings represent approximately $17.1 billion in value, including cash and marketable securities totaling $714 million. Bitmine has also acquired a stake in Eightco (NASDAQ: ORBS), with a value of $105 million, providing investors indirect exposure to OpenAI.

Bitmine's Chairman, Thomas 'Tom' Lee, stated that the company believes a crypto bull market is underway, driven by factors such as the rotation from AI back to crypto and strengthening fundamentals centered around tokenization and AI. Ethereum has outperformed the S&P 500 by 6,519 basis points in Q3 of 2026, making it the best-performing macro asset.

Lee also emphasized that institutions have underweighted crypto in 2026, partially due to the outperformance of AI stocks earlier this year. However, he expects institutions to substantially increase their exposure to crypto in the final three months of 2026, potentially adding meaningful upside to gains since June 30th.