Bitmine's Ethereum Stash Swells as Tom Lee Sees Bull Market On Horizon

Bitmine Immersion Technologies, led by Wall Street strategist Tom Lee, has made another significant Ethereum purchase. On September 20, 2026, the company bought 27,562 more Ethereum tokens, worth around $74 million at current prices.

This acquisition brings Bitmine's total Ethereum holdings to 5,983,940 tokens, valued at roughly $16.1 billion based on a price of $2,688 per token. This stake represents approximately 4.9% of the entire Ethereum supply of 122.1 million tokens.

Lee cited several factors that have led him to believe that a bull market has begun. He pointed out that money is rotating out of artificial-intelligence stocks and back into crypto, strengthening fundamentals around tokenization, and the end of the four-year market cycle as drivers.