Tom Lee's Ethereum treasury firm Bitmine crossed the 5 million Ethereum (ETH) threshold after acquiring 101,901 tokens last week, its largest weekly haul of 2026.
Bitmine 5M ETH Milestone
The Nasdaq-listed firm disclosed the purchase in a press release Monday, calling the position an "unprecedented world record." Total holdings now sit at 5,078,386 ETH.
The buy is Bitmine's biggest since the week of Dec. 15, 2025, according to CryptoPotato. Combined crypto and cash holdings reached $13.3 billion.
Lee, who chairs the company, said the firm has staked roughly 3.7 million ETH, or about 73% of its stack, generating an estimated $264 million in annualized revenue. Bitmine remains the second-largest corporate crypto holder behind Michael Saylor's Strategy.
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Tom Lee ETH Outlook
Lee framed the accumulation pace as "astonishing," noting the firm reached 5 million ETH in roughly 10 months and now controls about 4.2% of the total supply. He pointed to research arguing that Ether functions as a store of value and collateral asset in tokenized finance.
The chairman said ETH has outperformed the S&P 500 since the Iran conflict began, ranking as the best-performing asset besides crude oil. He cited tokenization on Wall Street and demand from AI agents for neutral blockchains as twin tailwinds.
Bitmine still sits on a roughly $6.3 billion unrealized loss, with an average cost basis above $3,600 per ETH against a current price near $2,300. Shares of BMNR are down more than 20% year-to-date, tracking Ether's own 22% slide as the broader market grinds through what Lee calls the final stages of a "mini-crypto winter."
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