Bitmine's Ethereum Buying Spree Sparks Bull Market Speculation
Bitmine Immersion Technologies, a digital asset treasury, has been buying Ethereum at an impressive rate, sparking speculation about a potential crypto bull market. The company holds 6,001,302 ETH as of September 27, 2026, which accounts for 4.9% of the total supply.
According to Tom Lee, chairman of Bitmine, this is not just a coincidence, he believes that a new crypto bull market started in late June. If his prediction comes true, it could lead to a rally in Ethereum's price, making Bitmine's stock more valuable and allowing the company to fund further Ethereum purchases.
Bitmine's current market value, adjusted for debt and cash, is equal to the value of its ETH holdings (mNAV 1.0), meaning that it can't sell shares to raise capital for buying more crypto at this time. However, if a bull market does materialize, the company's stock price could surge, enabling Bitmine to restart its buying spree.
Ethereum is currently trading at $2,702.50, which is 46% below its record high of $4,946. Despite this, the cryptocurrency has seen significant growth in recent months, with a 55% increase over the past three months and a total crypto sector market cap that reached nearly $3 trillion by September.