Bitmine Adds 27,562 ETH as Chairman Tom Lee Signals Ongoing Bull Market

Bitmine’s latest treasury update shows the firm purchased an additional 27,562 ETH, valued at about $75 million, pushing its Ethereum holdings to roughly 5.98 million tokens. Chairman Tom Lee described the move as evidence that a crypto bull market started in late June and may gain momentum in the fourth quarter.

Market Outlook from Tom Lee

Lee highlighted several factors he believes are driving the current uptrend:

• Capital rotation from artificial‑intelligence stocks back into crypto.
• Strengthening fundamentals around tokenization and AI applications.
• The perceived end of a four‑year crypto cycle.

He noted that Ethereum outperformed other macro assets by 6,519 basis points in the third quarter, which he views as a possible prelude to stronger gains in Q4.

Institutional Exposure Expected to Rise

Lee expects institutions, which have been underweight crypto this year, to increase their allocations in the final three months of 2026, potentially adding further upside to the market.

Bitmine’s Growing Ethereum Position

With the latest purchase, Bitmine’s Ethereum treasury is now valued at around $16.3 billion, representing more than 4.9 % of the cryptocurrency’s circulating supply. The firm has consistently added ETH each week since starting its treasury strategy in June 2025.

Staking as a Revenue Engine

Bitmine has staked over 5 million ETH, about 85 % of its total holdings, generating roughly $13.8 billion in value. The company’s seven‑day annualized staking yield of 2.62 % translates to an estimated $357 million in annual staking revenue, with potential to reach $421 million if the entire treasury is fully staked.

Comparison with Other Public Treasuries

Bitmine remains the largest public Ethereum treasury holder, followed by SharpLink and The Ether Machine. Its Bitcoin holdings stand at about 846,000 BTC, valued near $71.9 billion, representing over 4 % of Bitcoin’s total supply.