Bitmine nears 5% of Ethereum supply as Tom Lee says crypto bull market is underway

Bitmine Immersion Technologies has increased its Ethereum holdings to nearly 5% of the total ETH supply as Chairman Tom Lee said he believes a new crypto bull market is underway.

As of September 20, Bitmine held 5,983,940 ETH worth about $16.1 billion at a price of $2,688 per token. The position represents roughly 4.9% of Ethereum’s 122.1 million token supply.

Bitmine also held 212 BTC, $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million stake in Eightco Holdings. Total crypto, cash, securities and other investments reached $17.1 billion.

The company added 27,562 ETH over the past week. Lee said Bitmine has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025.

Lee said the crypto bull market began in late June, driven by improving crypto fundamentals, growing tokenization activity, a rotation of capital from AI stocks and what he described as the end of crypto’s traditional four year cycle.

He also pointed to Ethereum’s relative strength during the third quarter, saying ETH has outperformed other major macro assets by 6,519 basis points quarter to date.

Lee expects that performance to continue into the fourth quarter as institutional investors increase their crypto exposure after remaining underweight for much of 2026.

Bitmine has also expanded its staking operations. The company currently has 5.07 million ETH staked, representing about 85% of its total holdings.

At current yields, Bitmine projects annualized staking revenue of about $357 million. Lee said that figure could rise to roughly $421 million once the company’s entire ETH position is staked through MAVAN and external staking partners.

Bitmine remains the largest publicly disclosed Ethereum treasury and the second largest crypto treasury globally behind Strategy.