Tom Lee’s Bitmine Adds $74M in Ethereum, Declares a Crypto Bull Market ‘Underway’

Bitmine Immersion Technologies kept up its unbroken buying streak this week, adding 27,562 Ethereum—worth roughly $74 million—as chairman Tom Lee argued a fresh crypto bull market has begun and institutions are still on the sidelines.

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The NYSE-listed company said Monday its holdings now total 5,983,940 ETH, worth about $16.1 billion at a reference price of $2,688 per coin.

That represents 4.9% of Ethereum’s total supply of 122.1 million tokens, leaving Bitmine, by its own count, 98% of the way to its stated goal of controlling 5% of the network, a target it calls the “Alchemy of 5%.”

The purchase extends a run that hasn’t paused since Bitmine launched its treasury strategy on June 30, 2025, with the firm buying Ethereum every week since.

Lee said he believes a crypto bull market has been underway since late June, driven by a rotation out of AI stocks and back into crypto, strengthening fundamentals around tokenization, and the end of the four-year cycle. (Disclosure: Tom Lee is one of several investors in Dastan, Decrypt’s parent company.)

He argued Ethereum has been the best-performing macro asset this quarter, outpacing the S&P 500 by 6,519 basis points, and framed that as a “prelude” to a stronger move in the fourth quarter as underweight institutions add exposure.

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Counting cash, other tokens and what it calls “moonshot” investments, Bitmine’s total holdings reached $17.1 billion as of Saturday. That includes 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million position in Eightco Holdings.

Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy.

Strategy recently pushed its Bitcoin pile back toward a June record with a $76 million purchase, part of a broader wave of renewed treasury buying as prices climbed. Bitcoin topped $85,000 over the weekend as more than $648 million in shorts were liquidated.

Bitmine continues to generate staking income, with 5,067,309 ETH, about 85% of its holdings, staked through its MAVAN platform for projected annualized revenue of roughly $357 million. Lee is set to deliver the keynote at Korea Blockchain Week on September 30.