Bitmine Adds $41M in Ethereum as Tom Lee Says Bull Market Is Underway

Bitmine Immersion Technologies has continued its aggressive Ethereum accumulation, purchasing another 15,112 ETH worth roughly $41 million as chairman Tom Lee said the crypto bull market is already underway.

The latest purchase lifts Bitmine’s Ethereum holdings to 6,016,414 ETH, valued at around $16.4 billion based on a reference price of $2,726 per ETH. The company now controls about 4.9% of Ethereum’s total supply of 122.1 million tokens.

Bitmine said it is now 99% of the way toward its goal of holding 5% of Ethereum’s supply, a strategy it calls the “Alchemy of 5%.” The company has reached that level after roughly 15 months of building its Ethereum treasury.

The latest acquisition also extends Bitmine’s uninterrupted buying streak. The company began its Ethereum treasury strategy on June 30, 2025, and has purchased ETH every week since then.

Lee pointed to Bitmine’s stock performance as another sign of the strategy’s strength. BMNR declined 3% during the first nine months of 2026, compared with a 10% decline for Ethereum over the same period.

He also highlighted Ethereum’s performance against traditional financial assets during the current quarter. According to Lee, ETH has outperformed the S&P 500 by 6,832 basis points despite pressure from a hawkish Federal Reserve, higher oil prices and rising global bond yields.

Bitmine’s broader holdings have also grown. Including cash, other cryptocurrencies and its “moonshot” investments, the company reported total assets of about $17.4 billion as of Saturday.

Those holdings include 214 BTC, $643 million in cash and marketable securities, a $180 million investment in Beast Industries and $117 million in Eightco Holdings.

Bitmine remains the largest publicly traded Ethereum treasury company and the second-largest crypto treasury overall. It trails only Strategy, which holds approximately 847,666 BTC.

The company is also earning income from its growing ETH position. Bitmine currently has 5,067,309 ETH, or around 84% of its Ethereum holdings, staked through its MAVAN platform. The staked assets are expected to generate approximately $363 million in annualized revenue.

With more than 6 million ETH now in its treasury, Bitmine is closing in on its 5% ownership target while continuing to position Ethereum as the core of its corporate strategy.