Crypto21 September, 20262 min read
Bitmine Immersion Technologies Buys $75.2 Million Ethereum, Nearing 5% Supply Goal
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Bitmine bought 28,086 ETH, bringing holdings to about 4.9% of supply. Total ETH holdings exceed 5.9 million, valued around $14.8–$15.7B.
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Bitmine adds $75M ETH
Bitmine Immersion Technologies bought 27,562 ETH last week, lifting its Ethereum holdings to 5,983,940 ETH and valuing the purchase at about $75.2 million at Monday’s $2,727 ether price. Bitmine said the buy kept it close to its goal of owning 5% of Ethereum’s supply, with the company holding about 4.9% of the token’s 122.1 million supply.
Bitmine reported it has staked 5,067,309 ETH, representing roughly 85% of its holdings, and it projected a staking revenue of roughly $357 million annually at current yields. Tom Lee said institutional investors remain “underweighted” crypto and expects them to increase exposure during the final three months of 2026.
Lee ties gains to Q3
Tom Lee pointed to Ethereum’s third quarter performance as a reason he expects further gains in the final three months of 2026. Lee said ETH has outperformed other macro assets by 6,519 basis points this quarter and described that gap as a precursor to a stronger move during the fourth quarter.
Lee framed the timing around a crypto bull market that he said began in late June, and he linked demand to capital rotating from artificial intelligence stocks into crypto. Lee also said “We believe a crypto bull market is underway, having started in late June,” and he connected it to tokenization and AI as longer-term reasons institutions may increase their exposure.
Staking, targets, and catalysts
Bitmine said it has been buying ether every week since June 2025, when it pivoted to a crypto treasury strategy, and it said the company has been buying at a similar pace in recent weeks. Bitmine reported it has completed 98% of its “Alchemy of 5%” target, under which it plans to control 5% of the cryptocurrency’s supply.
Tom DeMark, founder of DeMark Analytics and a capital markets advisor to Bitmine, said “In August, ETH moved sideways without a downside break and the 12-day metric expired,” and he expected a renewal of the upside move. Tom Lee said the company expects “sizable institutional participation in buying crypto in the final months of 2026,” citing the upcoming CLARITY Act vote scheduled in mid-September and Korean investors rotating away from AI stocks.