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

In brief

• Bitmine bought another 27,562 ETH, raising its holdings to 5,983,940 ETH (about $16.1 billion), or 4.9% of supply—98% of the way to its "Alchemy of 5%" goal.
• Chairman Tom Lee said a crypto bull market has been underway since late June, called Ethereum the best-performing macro asset of the quarter, and predicted underweight institutions will pile in during Q4.
• Total holdings, including cash and "moonshots," hit $17.1 billion; Bitmine remains the top ETH treasury and second overall behind Strategy.

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.