Bitmine Nears 5% Ethereum Supply Target With $75M ETH Purchase; Tom Lee Declares Bull Market
What happened: Bitmine Immersion Technologies (NYSE: BMNR) acquired 27,562 ETH (valued at approximately $75 million) in the week ending September 20, 2026.
What happened: Bitmine Immersion Technologies (NYSE: BMNR) acquired 27,562 ETH (valued at approximately $75 million) in the week ending September 20, 2026. This brings Bitmine's total ETH holdings to 5,983,940—about 4.9% of Ethereum's circulating supply and just shy of its self-imposed 5% target. The company's total crypto treasury now stands at $17.1 billion, including staked ETH generating an estimated $357 million in annualized rewards. Fundstrat's Tom Lee, who chairs Bitmine, characterized the move as evidence of a crypto bull market underway and anticipates further institutional rotation from AI stocks into crypto.
Why it matters: Bitmine's aggressive accumulation of ETH is notable for its scale and for the signaling effect it may have on institutional sentiment. While Lee's bullish outlook is self-interested, the company's near-5% share of all ETH in circulation is unprecedented among public firms, rivaled only by MicroStrategy's Bitcoin holdings. However, with ETH prices still well below all-time highs, the broader market remains cautious. The move also raises questions about concentration risk and the potential for large holders to influence market dynamics.