Bitmine's $74M Ethereum Streak Sparks New Crypto Bull Market
Bitmine Immersion Technologies (NYSE: BTMN) added another $74 million to its Ethereum holdings, bringing its total to 5.98 million coins valued at approximately $16.1 billion.
The company's chairman, Tom Lee, declared that a fresh crypto bull market has been underway since late June, driven by a rotation out of AI stocks and back into crypto, improving fundamentals around tokenization, and the completion of the four-year market cycle.
Lee attributed Ethereum's strong performance to its ability to outpace the S&P 500 by 6,519 basis points this quarter, with a 'prelude' to even stronger gains in the fourth quarter.
Bitmine's treasury now represents 4.9% of Ethereum's entire circulating supply, placing it 98% of the way toward its self-described 'Alchemy of 5%' target.