Bitmine Buys 27,562 ETH as Tom Lee Says Crypto's Bull Market Is 'Underway'

Bitmine Immersion Technologies (NYSE:BMNR) bought 27,562 Ethereum (CRYPTO: ETH) last week as Chairman Tom Lee declared the crypto bull market already underway.

What the Latest Purchase Shows

According to a Monday press release, Bitmine now holds 5.98 million ETH worth roughly $16.08 billion at current prices, representing 4.9% of Ethereum’s total supply and putting the company 98% of the way to its 5% target. 

Bitmine has bought ETH every single week since launching its treasury strategy on June 30, 2025. 

Total crypto plus cash holdings now stand at $17.1 billion, with 5.07 million ETH staked through its MAVAN platform generating projected annualized staking revenue of $357 million.

Why Lee Sees the Bull Market Underway

Lee pointed to Ethereum’s Q3 outperformance as the clearest signal, with ETH beating the S&P 500 by 6,519 basis points quarter to date, up sharply from the 5,866 basis points Bitmine flagged just two weeks earlier. 

He attributes the move to a rotation away from AI stocks back into crypto, strengthening fundamentals around tokenization and AI infrastructure, and the ending of the four-year cycle.

Lee expects institutions to substantially increase crypto exposure in the final three months of 2026, arguing they entered the year underweight after AI stocks dominated early gains.