Bitmine Immersion Technologies kept its Ethereum buying streak alive this week, adding 27,562 ETH worth roughly $74 million, while Chairman Tom Lee said a fresh crypto bull market is already in motion and institutions still remain underexposed.
The New York Stock Exchange-listed company said Monday that its Ethereum holdings now total 5,983,940 ETH. Using a reference price of $2,688 per coin, that stake is worth about $16.1 billion.
Based on Ethereum’s total supply of 122.1 million tokens, Bitmine’s holdings account for 4.9% of the network. By the company’s own measure, it is now 98% of the way toward its stated objective of controlling 5% of Ethereum supply, a target it refers to as the “Alchemy of 5%.”
Weekly buying has continued since June 30, 2025
The latest purchase extends a run that has not paused since Bitmine launched its treasury strategy on June 30, 2025. According to the company, it has bought Ethereum every week since then.
Lee said he believes the current crypto bull market has been underway since late June. He pointed to a rotation out of AI stocks and back into crypto, stronger fundamentals tied to tokenization, and the end of the four-year cycle.
The report also disclosed that Tom Lee is one of several investors in Dastan, the parent company of Decrypt.
Lee says Ethereum has outperformed the S&P 500 this quarter
Lee argued that Ethereum has been the best-performing macro asset this quarter, beating the S&P 500 by 6,519 basis points. He described that performance as a “prelude” to a stronger fourth quarter move as underweight institutions add exposure.
Total holdings reached $17.1 billion
Including cash, other tokens, and what the company calls “moonshot” investments, Bitmine said its total holdings stood at $17.1 billion as of Saturday.
- 212 BTC
- $714 million in cash and marketable securities
- A $180 million stake in Beast Industries
- A $105 million position in Eightco Holdings
Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, behind only Michael Saylor’s Strategy.
Broader treasury buying has picked up again
The report noted that Strategy recently spent $76 million on Bitcoin, pushing its holdings back toward a June record. That purchase was presented as part of a wider return of treasury buying as prices climbed.
Bitcoin rose above $85,000 over the weekend, and more than $648 million in short positions were liquidated.
About 85% of Bitmine’s ETH is staked
Bitmine said it continues to generate staking income. A total of 5,067,309 ETH, or about 85% of its holdings, is staked through its MAVAN platform, with projected annualized revenue of roughly $357 million.
Lee is scheduled to deliver the keynote at Korea Blockchain Week on September 30.