TheBlock
Bitmine, the Ethereum treasury company chaired by Tom Lee, has grown its holdings to 5,983,940 ETH worth around $16.3 billion after buying another 27,562 ETH since Sept. 14. The latest acquisition is worth roughly $75 million at current prices, and the firm's total crypto, cash and marketable securities now stand at $17.1 billion. Its ETH stack is equivalent to more than 4.9% of Ethereum's roughly 122.1 million circulating supply, putting Bitmine 98% of the way toward its "Alchemy of 5%" target within 15 months of launching the strategy.
Why it matters
Tom Lee is framing the accumulation as a macro call, not just treasury management. "We believe a crypto bull market is underway, having started in late June, driven by rotation from AI back to crypto, strengthening crypto fundamentals centered around tokenization and AI, and the ending of the 4-year cycle," he said in the statement. He noted ETH is outperforming by 6,519 basis points quarter to date and expects institutions, which underweighted crypto in 2026, to substantially increase exposure in the final three months of the year.
Bitmine has also staked 5,067,309 ETH, about 85% of its holdings, more than any other entity. Projected annualized staking revenue sits at $357 million, with a projected $421 million reward once fully staked through MAVAN and partners.
Market impact
Bitmine remains the largest Ethereum treasury, far ahead of Sharplink at 888,938 ETH and The Ether Machine at 496,712 ETH, and is the second-largest public crypto treasury company overall behind Strategy, which holds 846,000 BTC worth $71.9 billion, over 4% of bitcoin's supply cap. The supply absorption on ETH plus a potential Q4 institutional rotation is the setup Lee points to for a stronger fourth quarter.
Frequently asked questions
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How much ETH does Bitmine hold and what share of supply is that?
Bitmine holds 5,983,940 ETH, worth about $16.3 billion, equivalent to more than 4.9% of Ethereum's approximately 122.1 million circulating supply. It is 98% of the way to its 5% supply target.
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What did Tom Lee say about the crypto bull market?
Lee said a crypto bull market is underway, started in late June, driven by rotation from AI back to crypto, strengthening fundamentals around tokenization and AI, and the ending of the 4-year cycle.
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How much of Bitmine's Ethereum is staked?
Bitmine has staked 5,067,309 ETH, about 85% of its holdings, more than any other entity. Annualized staking revenues are projected at $357 million, rising to $421 million once fully staked.
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How does Bitmine compare to other Ethereum treasury companies?
Bitmine is the largest Ethereum treasury holder, far ahead of Joe Lubin's Sharplink at 888,938 ETH and The Ether Machine at 496,712 ETH. It is also the second-largest public crypto treasury company overall behind Strategy.
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Why does Tom Lee expect ETH to rise further in Q4 2026?
Lee argues institutions underweighted crypto in 2026 due to AI stock outperformance early in the year, and expects them to substantially increase exposure in the final three months of 2026, adding upside to gains since June 30.
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