Tom Lee Says Institutions Are Still Underweight Crypto After Latest BitMine ETH Buy

BitMine announced another purchase of 27,562 ether last week, bringing its total holdings to 5,983,940 ETH, valued at roughly $16.3 billion. Despite the sizable accumulation, the firm remains short of its 5 % target of the total Ethereum supply.

Ongoing Accumulation Strategy

Since June 30 2025, BitMine has bought ether weekly, claiming to be 98 % of the way toward owning 5 % of all existing ether. However, because ether has no fixed supply and new tokens are continuously minted, the 5 % benchmark keeps moving upward.

Current Portfolio Snapshot

• 5,983,940 ETH at $2,688 per ETH (Coinbase price)
• 212 BTC
• $180 million stake in Beast Industries
• $105 million stake in Eightco Holdings

The company values its crypto, cash, and private stakes at $17.1 billion, while its market capitalization stood at $15.68 billion at the close of the latest trading day, reflecting a typical discount for crypto‑treasury firms.

Institutional Outlook

Chairman Tom Lee argues that institutional investors remain underexposed to crypto, partly due to the strong performance of AI‑related stocks earlier in 2026. He expects a substantial increase in institutional exposure during the final three months of 2026, citing ether’s outperformance of the S&P 500 by roughly 65 percentage points since June.

Market Reaction

Ethereum traded near $2,734, up more than 6 % over the past 24 hours. Despite Lee’s bullish outlook, the market continues to price BitMine below the value of its crypto holdings.