Bitmine Immersion Technologies (NYSE: BTMN) extended its unbroken Ethereum buying streak this week, adding 27,562 ETH valued at approximately $74 million to its growing treasury.
Chairman Tom Lee declared that a fresh crypto bull market has been underway since late June, asserting that institutional investors remain largely on the sidelines.
The company said its total Ethereum holdings now stand at 5,983,940 ETH, valued at roughly $16.1 billion based on a reference price of $2,688 per coin.
That position represents 4.9% of Ethereum’s entire circulating supply of 122.1 million tokens, placing Bitmine 98% of the way toward its self-described “Alchemy of 5%” target.
The firm has now purchased Ethereum every single week without interruption since launching its treasury strategy on June 30, 2025, an unbroken acquisition run spanning months.
Lee attributed the bull market’s emergence to a rotation out of AI stocks and back into crypto, improving fundamentals around tokenization, and the completion of the four-year market cycle.
He argued that Ethereum has been the best-performing macro asset this quarter, outpacing the S&P 500 by 6,519 basis points, a margin he described as a “prelude” to stronger fourth-quarter gains.
Lee predicted that institutions, having underweighted crypto earlier in the year due to AI stock outperformance, would substantially increase their exposure during the final three months of 2026.
Including cash, other tokens, and what it calls “moonshot” investments, Bitmine’s total holdings reached $17.1 billion as of Saturday, encompassing 212 Bitcoin and $714 million in cash and marketable securities.
The portfolio also includes a $180 million stake in Beast Industries and a $105 million position in Eightco Holdings, reflecting a diversified approach beyond pure Ethereum accumulation.
Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor’s Strategy in total holdings.
Strategy recently made headlines with a $76 million Bitcoin purchase, part of a broader wave of renewed treasury buying as cryptocurrency prices climbed higher.
Bitcoin surpassed $85,000 over the weekend, a move accompanied by more than $648 million in short liquidations across the market.
Bitmine’s treasury also generates meaningful staking income, with approximately 85% of its holdings, totaling 5,067,309 ETH, staked through its MAVAN platform for projected annualized revenue of roughly $357 million.
MAVAN’s own operations delivered a seven-day annualized yield of 2.62%, adding a recurring revenue dimension to Bitmine’s accumulation-focused strategy.
Further evidence of a broader shift in institutional appetite emerged in August, when Ethereum gained 29% over seven days and US spot Ethereum ETFs attracted $365 million in July, compared with $205 million for equivalent Bitcoin funds during the same period.
