Tom Lee sees $2 trillion wealth transfer fueling crypto demand as Bitmine buys more ether

Lee also noted Wall Street's growing use of blockchain technology to represent financial assets, the rise of AI applications and crypto treasury companies holding tokens for the long term as possible drivers of a new rally.

Bitmine inches closer to its 5% ETH goal

Lee's remarks came alongside Bitmine's latest crypto holdings update, which showed the ether treasury firm inching closer to its goal of owning 5% of the token's supply.

Bitmine Immersion Technologies BMNR$24.07 picked up another 12,532 ETH last week, worth roughly $32 million at Monday's price.

The purchase lifted its holdings to 6,028,946 ETH, worth roughly $15.3 billion. That's about 4.9% of ether’s 122.1 million token supply, leaving the company some 76,000 ETH short of its goal of owning 5%.

At last week's pace, Bitmine could hit that target in about six weeks.

Lee said last week the company plans to stop accumulating ETH once it reaches the 5% mark. Since its pivot to an ether-focused strategy in June 2025, the firm said it bought ETH every week.

Bitmine has staked about 5.07 million ETH, or 84% of its holdings, and projects roughly $336 million in annualized staking revenue at current yields.