Tom Lee’s Bitmine Acquires $74M Ethereum, Nears 5% Supply Goal

Tom Lee's Bitmine has significantly increased its Ethereum (ETH) holdings with an additional acquisition of 27,562 ETH, valued at approximately $74 million. This purchase brings the company's total ETH to 5,983,940, now representing 4.9% of Ethereum's total supply.

The firm is now 98% of the way towards its ambitious goal of controlling 5% of the network, a target it refers to as the “Alchemy of 5%.”

This recent acquisition is part of an ongoing buying trend for Tom Lee's Bitmine, which began its treasury strategy on June 30, 2025, and has consistently purchased Ethereum weekly since then. Tom Lee, the company's chairman, noted that a crypto bull market has been active since late June.

Lee attributes this market shift to a move from AI stocks to crypto, stronger fundamentals in tokenization, and the completion of the four-year market cycle. He also highlighted Ethereum‘s performance as the top-performing macro asset this quarter, outperforming the S&P 500 by 6,519 basis points. Lee anticipates this performance will lead to a more significant market movement in the fourth quarter as institutions increase their currently underexposed investments.

As of Saturday, Tom Lee's Bitmine's total assets, including cash, other tokens, and “moonshot” investments, reached $17.1 billion. This comprehensive total includes 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $105 million position in Eightco Holdings.

The company maintains its position as the largest Ethereum treasury globally and the second-largest overall crypto treasury, trailing only Strategy. Approximately 85% of Bitmine's ETH holdings, amounting to 5,067,309 ETH, are staked through its MAVAN platform, projected to generate an annualized revenue of around $357 million. Tom Lee is scheduled to deliver the keynote address at Korea Blockchain Week on September 30.