Bitmine Immersion Technologies (NYSE: BMNR) has continued its relentless accumulation of Ethereum, adding another 15,112 ETH to its corporate treasury. The move, announced on October 5, 2026, brings the company’s total to a staggering 6,016,414 ETH, representing 4.9% of the entire circulating supply.
Company Chairman and Fundstrat Global Advisors Co-Founder Tom Lee coupled the news with a profoundly bullish outlook, stating that Ethereum is “dwarfing other macro assets.” Lee reiterated his belief that a new crypto bull market is underway, predicting ETH could trade “well above $10,000” within the next twelve months.
Bitmine holdings swell past accumulation
The latest purchase, worth approximately $41 million, continues a consistent buying strategy that began on June 30, 2025. Bitmine has now purchased ETH every single week since launching its corporate treasury initiative, a track record Lee described as “unmatched by any public company in the world.”
The company’s total Ethereum holdings are now valued at roughly $16.4 billion.
This aggressive campaign is part of Bitmine’s publicly stated “Alchemy of 5%” strategy. The goal is to acquire a total of 6.1 million ETH, or 5% of the total supply, in a bid to create a significant supply shock on the open market. With its current holdings, the company is now just 89,000 ETH short of its ambitious target.
While the recent 15,112 ETH purchase is significant, it marks the company’s sixth-smallest weekly buy on record and the smallest since mid-August. This may simply reflect market conditions or available liquidity, but it hasn’t slowed the steady march toward its strategic goal.
The consistent buying pressure from a single, well-capitalized entity is a market dynamic becoming impossible for investors to ignore. Discussions around the Ethereum deflationary impact also continue to highlight this trend.
Ether’s outperformance amid macro headwinds
Tom Lee emphasized Ethereum’s remarkable strength against a turbulent macroeconomic backdrop. He pointed out that ETH outperformed the S&P 500 by an incredible 6,832 basis points, or 68.32 percentage points, during the third quarter of 2026. This performance, he argued, is especially noteworthy given the challenges that emerged during the same period.
“The outperformance of ETH… is notable considering the substantial macro headwinds that emerged in the quarter including a ‘hawkish’ Fed, surging oil, rise in global bond yields and general tightening of financial conditions,” Lee stated. The Federal Reserve raised interest rates by 25 basis points on September 16, yet the crypto market has shown resilience.
This resilience suggests a decoupling of digital assets from traditional markets, a long-theorized but rarely seen phenomenon. While the Bitcoin macro correlation has been a primary focus for analysts, Ethereum’s recent price action suggests it may be carving its own path.
It appears driven by network-specific catalysts rather than broad market sentiment.
Over the past three months, Ethereum’s price has surged by more than 50%, and it’s up over 10% in the last month alone. This momentum, in Lee’s view, signals the early stages of a major bull cycle, undeterred by traditional economic pressures.
Inside Bitmine’s $17.4 billion treasury
Bitmine’s financial strategy extends well beyond simple accumulation. The company is actively leveraging its massive ETH position to generate significant yield. According to its latest statement, Bitmine has staked 5,067,309 ETH, which represents 84% of its total holdings. This staked portion alone is valued at $13.8 billion.
Based on a recent seven-day annualized yield of 2.63%, the company projects its current staking activities will generate $363 million in annualized revenue. Should it stake its entire 6-million-plus ETH treasury, that figure could climb to over $431 million annually. This provides a powerful, recurring revenue stream independent of ETH’s price appreciation.
The company’s total assets, including crypto, cash, and other securities, stood at $17.4 billion as of October 4. Beyond its core Ethereum position, Bitmine holds 214 Bitcoin, a $180 million stake in Beast Industries, and a $117 million stake in Eightco Holdings.
It also maintains a substantial $643 million in cash and marketable securities. This diversified treasury provides both stability and the liquid capital needed to continue its strategic operations. Investors often want to understand how Ethereum staking withdrawals work to assess the liquidity of such large positions.
Lee’s bullish outlook and the path to $10,000
Looking ahead, Tom Lee’s forecast for Ethereum is exceptionally bright. He sees the price moving “well above $10,000” in the next 12 months and suggested it could break its previous record and move above $5,000 before the end of 2026. Longer-term, he has floated theoretical price targets as high as $62,000.
His confidence is rooted in several key factors, including an anticipated wave of institutional allocation and Ethereum’s established dominance in the tokenization of real-world assets. Lee noted that major financial players like JPMorgan and BlackRock are building their tokenization platforms on the Ethereum network, cementing its role as the foundational layer for this growing sector.
A prime example is Robinhood’s choice of Ethereum for its ‘Robinhood Chain.’ In just its first two months of operation, that platform has already brought $2.1 billion in tokenized assets onto the network. This highlights the immense security and liquidity advantages Ethereum offers.
This adoption by mainstream financial players provides a powerful endorsement of the network’s long-term viability.
Lee is scheduled to deliver a keynote address at the Token2049 conference in Singapore on October 7, where he is expected to elaborate on his thesis. This week, Bitmine will also release its October Chairman’s Message, ominously titled “Crypto bull underway: this cycle likely the largest.”
What this means for the Ethereum ecosystem
Bitmine’s strategy and Lee’s commentary are more than just market noise; they represent a significant force shaping the Ethereum landscape. The accumulation of nearly 5% of the total ETH supply by a single public company is a new development for the ecosystem.
It concentrates a significant amount of network influence and could, as intended, create a genuine supply squeeze if demand continues to rise.
Furthermore, Bitmine’s stock (BMNR) has itself become a proxy for ETH exposure, but with a unique performance history. Lee noted that while ETH declined 10% in the first nine months of 2026, BMNR stock only slipped 3%, an outperformance of 731 basis points.
This suggests some investors see the company’s strategic management as a value-add over holding the asset directly.
Reinforcing this confidence, Bitmine also executed what Lee called the “largest crypto treasury stock buyback on record” in 2026, retiring 21 million shares. This move signals a deep belief from the company’s management in its own strategy and the undervalued nature of its stock. For Ethereum investors, Bitmine is now a whale whose movements warrant close observation.