Bitmine's Ethereum Holdings Surpass 6 Million Coins

Bitmine's Ethereum holdings have surpassed 6 million coins, valued at approximately $16.1 billion. Chairman Tom Lee announced that a bull market is underway and stated that the company is approaching its 5% supply target.

The company purchased 17,362 coins last week, bringing its total to 6,001,302 coins, priced at about $2,698 per coin. Bitmine also holds 213 Bitcoins, $180 million in Beast Industries, $115 million in Eightco, and $672 million in cash and securities.

Lee set the starting point of this bull market at the end of June, citing reasons including funds shifting from AI stocks back to crypto, tokenization and AI fundamentals, and the end of a four-year cycle. He noted that institutions are still underweight in crypto and expect to increase their positions in the last months of 2026.

Bitmine has transitioned from a Bitcoin mining company to an Ethereum treasury and is the second-largest publicly traded digital asset treasury after Strategy. Its code is BMNR, and it also has preferred shares BMNP with a weekly dividend and a coupon of 9.5%.