Ethereum
Bitmine Immersion Technologies bought another 27,562 ETH last week for approximately $75.2 million, continuing its steady accumulation as Chairman Tom Lee argued that institutional investors remain underexposed to crypto.
The purchase lifted Bitmine’s total Ethereum holdings to 5,983,940 ETH, representing roughly 4.9% of Ethereum’s 122.1 million token supply. The company is targeting ownership of 5% of the total supply, leaving its current holdings just below that objective.
Bitmine has maintained a similar accumulation pace in recent weeks and said it has purchased ETH every week since June 2025, when it shifted toward a crypto treasury strategy. At its recent pace, the company could reach its 5% accumulation target within the next couple of months.
A significant portion of Bitmine’s holdings is also being put to work through staking. The company has staked approximately 5 million ETH, or about 85% of its total holdings, and projects annual staking revenue of roughly $357 million at current yields.
The continued accumulation comes as Ethereum has recorded a sharp move higher. ETH had gained 76% since the end of June, compared with a roughly 2% increase in the S&P 500 over the same period. Bitmine shares were up 5.8% in pre-market trading, extending an 8% gain from Friday, while ETH rose overnight to its highest level since late January.
Tom Lee said institutional investors may now be entering a catch-up phase after favoring artificial-intelligence-linked stocks earlier in 2026. In his view, the relative performance gap between Ethereum and traditional equities could increase institutional attention toward crypto.
Lee also identified tokenization and the growing use of blockchain in artificial intelligence as longer-term factors that could support greater institutional exposure. His view is that institutions that remained underweight crypto earlier in the year could increase their allocation during the final three months of 2026.
For the market, Bitmine’s latest purchase provides another indication of continued corporate accumulation of ETH, while its large staking position links the treasury strategy to potential recurring staking revenue. The more immediate question is whether Bitmine can maintain its buying pace and reach its 5% ownership objective.
At the same time, the broader institutional thesis highlighted by Lee depends on whether the recent outperformance of ETH can translate into increased allocations from investors who previously favored AI-related equities. The pace of institutional exposure and Bitmine’s progress toward its accumulation target will therefore remain key developments to watch.
