Tom Lee’s Bitmine has been buying Ethereum for 65 weeks now, and it’s showing no signs of letting up. The NYSE-listed company added another 27,562 ETH this week, worth roughly $74 million, bringing its stash to 5,983,940 ETH — about $16.1 billion at a reference price of $2,688 per coin. That works out to 4.9% of Ethereum’s total supply of 122.1 million tokens, or 98% of the way to the company’s stated “Alchemy of 5%” goal.
Bitmine Immersion Technologies, the entity that handles the buying, has acquired Ethereum each and every week since June 30, according to the company’s treasury strategy, which began on 2025. Chairman Tom Lee, speaking Monday, said a crypto bull market has been underway since late June — and he’s referring to Ethereum as the best-performing macro asset of the quarter.
Lee’s Bull Case
Lee’s argument for why Ethereum has outperformed the S&P 500 by 6,519 basis points rests on three points: a rotation out of AI stocks, strengthening fundamentals around tokenization, and the end of the four-year cycle. He framed Ethereum’s quarter as a “prelude” to a stronger move in the fourth quarter, with underweight institutions expected to pile in.
He labeled the move a “bull market underway,” a striking claim considering he had just said institutions are underweight.
The Holdings Breakdown
As of Saturday, Bitmine’s total holdings reached a mark of $17.1 billion. This figure covers cash, marketable securities, and what the company calls “moonshots,” a category that includes the Beast Industries and Eightco Holdings stakes. The breakdown 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.
The company remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy.
The Staking Machine
Bitmine keeps earning staking income through its MAVAN platform. A part of its holdings, roughly 85%, is staked as roughly 5,067,309 ETH, producing projected annualized revenue of around $357 million.
The keynote at Korea Blockchain Week is set for September 30, and Lee will be delivering it.
Strategy’s Bitcoin Run
Bitmine is one of several companies pushing up its Bitcoin holdings. Strategy recently added to its own stash with a $76 million purchase, which brought its Bitcoin pile back toward the June record, part of a wider wave of renewed treasury buying as prices climbed. Bitcoin topped $85,000 over the weekend, a move that came after more than $648 million in shorts were liquidated.
The 98% Target
Bitmine has already reached 98% of its stated goal, with current supply at 4.9%. The company calls that target the “Alchemy of 5%,” which represents control of 5% of the network.
Why Institutions Matter
The part of Lee’s argument that carries his bull call is his point about underweight institutions. With those institutions still on the sidelines, there is room for them to come back — and that return could be the “stronger move” Q4 gain he expects. Lee’s own acknowledgment that they currently hold less than their usual share of assets makes that a bet worth closely watching.
The Bull Market Test
The “underway” framing matters. Lee is not predicting a bull market. He is saying one has already started, and he is pointing to the rotation out of AI stocks as the driver.
The Key Facts
The key facts are simple to lay out:
- Bitmine bought 27,562 ETH for $74 million this week
- Holdings now sit at 5,983,940 ETH, or 4.9% of supply
- The “Alchemy of 5%” target is 98% complete
- Bitmine’s total holdings are $17.1 billion, including 212 Bitcoin and stakes in Beast Industries and Eightco Holdings
- Strategy remains the world’s largest crypto treasury, ahead of Bitmine
The real issue is whether the bull market Lee claims is now happening keeps going, and whether institutions truly start building positions again in Q4. Lee’s own acknowledgment that they currently hold less than their usual share of assets makes that a bet worth closely watching.
Source material: “Tom Lee's Bitmine Adds $74M in Ethereum, Declares a Crypto Bull Market 'Underway',” Decrypt.
Get the Notebook.
The day's best stories and every fresh verdict, in plain English, in your inbox by seven. One email a day, no more.