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.
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.
Sep 14 Sep 16 Sep 18 Sep 20 Sep 21 $86.0k $82.5k $79.0k $75.5k 24h High High $86,282 24h Low Low $80,631 Vol Vol $2.4B Market projections Odds by Myriad Today Below $86,000 Below $86k 51 % chance This week Above $86,000 Above $86k 50 % chance This month Above $86,000 Above $86k 50 % chance → Buy Bitcoin with USDT Powered by Jupiter $ 50 $ 100 $ 500 Buy Price data by CoinGecko CoinGecko More Bitcoin news and projections → 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.