Tom Lee's Bitmine Reaches 4.9% of Ethereum Supply as Crypto Bull Market Takes Shape

Tom Lee's Bitmine has reached an impressive milestone in its Ethereum (ETH) treasury strategy, acquiring 27,562 ETH since September 14, bringing its total holdings to 5,983,940 ETH. At current prices, this is worth around $16.3 billion.

The company's recent acquisition is valued at approximately $75 million, and Bitmine now holds more than 4.9% of Ethereum's circulating supply, which stands at around 122.1 million ETH.

Lee believes that a crypto bull market has begun, driven by factors such as the rotation from AI to crypto, strengthening fundamentals centered on tokenization and AI, and the end of the four-year cycle.

According to Lee, Ethereum's outperformance in the third quarter of 2026 is a precursor to a potentially stronger up move in the fourth quarter. With institutions underweighting crypto this year, he expects them to increase their exposure in the final three months of 2026, which could add meaningful upside to ETH gains since June 30.