- Bitmine invested another $74 million into Ethereum over the past week, increasing its DAT reserves to around 5.98 million ETH.
- Company Chair Tom Lee predicts Ether will carry over its momentum buildup all the way to Q4 2026.
Bitmine Immersion Technologies (BMNR) draws closer to capturing 5% of Ethereum’s (ETH) circulating supply under its “Alchemy of 5%” initiative. On Monday, the company, chaired by Thomas “Tom” Lee, disclosed that it has invested roughly $74.09 million in the second-largest crypto asset by market cap over the past week.
Bitmine’s Ethereum Holdings
During that period, Bitmine acquired 27,562 ETH, which it estimated to be around $2,688 per token. The move raises its Ether holdings to 5,983,940 tokens, accounting for approximately 4.9% of the cryptocurrency’s 122.07 million circulating supply. At this rate, the digital asset treasury (DAT) company is already 98% of the way to achieving its “Alchemy of 5%” target.
The amount adds up to Bitmine’s 212 Bitcoin (BTC) holdings, a $180 million stake in Beast Industries, and a $105 million stake in Eightco Holdings (ORBS). It also maintains $714 million in total cash and marketable securities.
To optimize its Ethereum portfolio, Bitmine has staked around 84.68% or nearly 5.07 million ETH across its proprietary MAVAN (Made in America Validator Network) platform and partners. Lee projects the strategy to yield $357 million annually, not even accounting for potential long-term price appreciation of its tokens.
Tom Lee’s Market Outlook
Lee remains confident that Ethereum has already moved past the tail end of the crypto winter. In fact, he considers June the start of the bull market due to capital rotation from artificial intelligence (AI) to crypto.
Additionally, the Bitmine chairman believes that strong fundamentals reinforce Ethereum’s bullish momentum as it takes the center stage in tokenization and the agentic AI economy. He also claimed that the bearish phase of the Bitcoin four-year cycle is over, which should serve as a launchpad for altcoins positively correlated with the premier crypto asset.
With that in mind, Lee expects institutions to substantially increase their exposure to Ethereum in the final quarter of 2026. He thinks the trend could add “meaningful upside” to the gains it has seen since the start of the third quarter, wherein Ether has notably outperformed the S&P by 6,519 basis points.
Furthermore, Lee sees the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act and the Securities and Exchange Commission’s (SEC) Project Crypto as extra catalysts for Ether’s climb to new heights.
