Bitmine Immersion Technologies added $75.2 million in Ether (ETH), lifting holdings to 5.98 million ETH, 4.9% of supply, while chairman Tom Lee said institutions remain underweight crypto.
Key Points:
- Bitmine bought 27,562 ETH last week, bringing total holdings to 5,983,940 ETH.
- The company now holds about 4.9% of Ether’s 122.1 million token supply.
- Lee expects institutions to increase crypto exposure during the final three months of 2026.
Bitmine Ether Holdings
Bitmine purchased 27,562 ETH last week, worth about $75.2 million at Monday’s $2,727 price. That buying streak has run for 15 months.
The acquisition raised Bitmine’s holdings to 5,983,940 ETH, equal to about 4.9% of Ether’s reported 122.1 million token supply. The company is now near its 5% target.
Bitmine has staked 5,067,309 ETH, roughly 85% of its holdings, and projects about $357 million in annualized staking revenue, while shares rose 5.8% in premarket trading Monday after an 8% Friday gain. ETH also reached its highest level since late January.
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Tom Lee Outlook
Lee said institutions spent much of 2026 underweight crypto after favoring artificial intelligence-linked stocks earlier in the year. Ether has risen 76% since the end of June, compared with about 2% for the S&P 500 over the same period, according to CoinDesk. Lee framed that gap as a potential catalyst.
He said “we expect institutions to substantially increase their exposure in the final three months of 2026,” while also pointing to tokenization and blockchain use in AI. Those arguments explain why Bitmine continues expanding an already large position despite Ether’s sharp third-quarter advance.
That remains his market view, not a certainty. Bitmine’s nearly 6 million ETH position nonetheless shows how a corporate treasury can combine direct token exposure with staking income while holding close to one-twentieth of reported supply.
Bitmine began its Ether treasury strategy on Jun. 30, 2025, and says it has purchased ETH every week since then, steadily moving toward its stated 5% supply goal.
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