Bitmine Immersion Technologies, the Ethereum treasury company chaired by noted analyst Tom Lee, has signaled strong conviction in the market by purchasing another 27,562 ETH. The move, valued at approximately $75 million, brings the company’s total holdings to a staggering 5,983,940 ETH, worth around $16.3 billion at current prices.
This latest acquisition pushes Bitmine tantalizingly close to its ambitious “Alchemy of 5%” goal, a strategy to accumulate 5% of Ethereum’s total circulating supply. With this buy, the company now holds over 4.9% of all ETH in existence and is 98% of the way to its target, a milestone reached just 15 months after embarking on its weekly purchase plan in June 2025.
Tom Lee declares a new crypto bull market
Concurrent with the treasury update, Chairman Tom Lee made a bold declaration, stating his belief that a new crypto bull market is already underway. He pinpointed late June as the starting point, citing a confluence of factors driving the renewed momentum.
“We believe a crypto bull market is underway,” Lee said in a statement. He attributed the shift to a capital rotation from artificial intelligence stocks back into crypto, strengthening fundamentals around tokenization, and the conclusion of the sector’s historical four-year cycle. For those evaluating new crypto investments, Lee’s comments signal a potential sea change.
Lee specifically highlighted Ethereum’s recent strength. He noted that quarter-to-date, ETH has outperformed the S&P 500 by a massive 6,519 basis points. He views this not as a peak, but as a “prelude to a potentially stronger up move in the 4th quarter of 2026.”
Looking ahead, Lee anticipates a wave of institutional capital returning to the space. “Given that institutions have underweighted crypto in 2026… we expect institutions to substantially increase their exposure in the final 3 months of 2026,” he added. He believes this could add “meaningful upside” to the gains seen since summer.
A relentless accumulation strategy
Bitmine’s Ethereum strategy has been defined by its relentless consistency. The company has purchased ETH every single week since launching its treasury program on June 30, 2025. This latest buy brings it just about 121,000 ETH short of its 5% supply target.
The company’s financial position extends beyond its massive Ethereum stack. As of September 20, its total assets, including crypto, cash, and other investments, stood at $17.1 billion. This provides a substantial buffer and highlights the scale of its operation.
A diversified portfolio beyond Ethereum
While Ethereum is clearly its primary focus, Bitmine’s balance sheet reveals a more diversified approach. The company also holds 212 BTC valued at $18.1 million, showcasing a continued, albeit smaller, position in the original cryptocurrency.
Furthermore, Bitmine holds significant equity stakes in other public companies. These include a $105 million stake in Eightco Holdings and a $180 million stake in Beast Industries. The company’s liquidity is bolstered by an additional $714 million held in cash and marketable securities.
Staking operations become a core revenue driver
Bitmine isn’t just holding its Ethereum; it’s putting it to work. The company has staked 5,067,309 ETH, representing roughly 85% of its total holdings. This massive stake, valued at $13.8 billion, makes Bitmine a dominant force in the network’s security and consensus.
This staking activity is generating substantial income. The company reported a 7-day annualized yield of 2.62% from its own operations, projecting annualized staking revenues of $357 million. This yield is a key part of the investment thesis, turning a static asset into a productive one, a core tenet of the Ethereum development roadmap.
Lee stated that Bitmine has staked more ETH than any other entity in the world. The company has also productized its expertise, launching MAVAN, its institutional-grade Ethereum staking platform, to serve other large-scale investors looking to participate in network validation.
Market reaction and a look at performance
The market has responded positively to Bitmine’s aggressive strategy and Lee’s bullish commentary. The company’s stock (BMNR) climbed 6% on the news, breaking through the $24 resistance level. The stock has seen a dramatic run, up over 165% in the last month alone as Ethereum’s price also climbed above $2,700.
But the picture is more complex when viewed from a longer-term perspective. Despite the recent surge, Bitmine’s average purchase price for its ETH is approximately $3,329, meaning it still sits on an unrealized loss of over $3.5 billion on its holdings. This has created a situation where the company’s market capitalization of $15.68 billion trades at a discount to its treasury value of $17.1 billion.
This disconnect highlights the lingering doubts of a market still recovering from a prolonged downturn. Even with crypto market optimism returning, Bitmine’s stock remains about 56% lower than it was 12 months ago, showing that investors are still weighing the risks.
The corporate crypto treasury landscape
Bitmine’s strategy solidifies its position as the world’s largest corporate holder of Ethereum. The scale of its treasury dwarfs its nearest competitors. According to strategic reserve data, Sharplink holds approximately 888,938 ETH.
However, in the broader crypto space, Bitmine is the second-largest public crypto treasury company overall. It trails only Michael Saylor’s Strategy, which has made a similar, large-scale bet on Bitcoin. Strategy recently announced its own weekly purchase, though the specific details of its total holdings were not disclosed in the available reports.
These two companies represent the pinnacle of a corporate trend to use cryptocurrency as a primary treasury reserve asset. Their divergent bets on Ethereum and Bitcoin create a fascinating case study for the future of decentralized finance and corporate asset management. As Bitmine closes in on its 5% target, the market will be watching to see what comes next.