Tom Lee's Bitmine Adds $74M in Ethereum, Declares a Crypto Bull Market 'Underway'
Bitmine Immersion Technologies continued its weekly Ethereum buying spree, adding 27,562 ETH worth about $74 million. Its total holdings now stand at 5,983,940 ETH, valued around $16.1 billion, or 4.9% of Ethereum’s supply—putting it close to its goal of owning 5% of the network. The company says it has bought ETH every week since launching its treasury strategy on June 30, 2025. Chairman Tom Lee said a new crypto bull market began in late June, driven by capital rotating out of AI stocks, improving tokenization fundamentals, and the end of the four-year cycle. Bitmine’s broader assets, including cash, Bitcoin, and other investments, total about $17.1 billion. It remains the largest Ethereum treasury and the second-largest crypto treasury overall, behind Strategy. Most of its ETH is staked, generating projected annualized revenue of about $357 million.
