Self-serving optimism at BitMine. Tom Lee believes that a new cryptocurrency bull market began at the end of June. The president of BitMine Immersion Technologies defends this reading as his company has just exceeded 6 million ETH in cash, or nearly 5% of Ethereum's supply.
The company listed on the NYSE American under the ticker BMNR is therefore a stone's throw from the objective it had set fifteen months earlier.
Key Points
Tom Lee believes a crypto bull market began in late June 2026
BitMine holds 6,001,302 ETH, approximately 4.9% of the circulating supply
More than 5 million ETH are staked to produce a return
The share buyback program was increased from $1 billion to $4 billion
For Tom Lee, the crypto bull market started in late June
Present on the stage of Korea Blockchain Week 2026, the boss of Bitmine showed great optimism about the crypto market:
“We believe a crypto bull market is underway. »
Tom Lee, President of BitMine and Director of Research at Fundstrat Global Advisors – Source: Korea Blockchain Week
Tom Lee places the beginning of the movement at the end of June. He attributes it to the rotation of part of capital from values linked to artificial intelligence towards cryptocurrencies, the development of tokenization and a possible exceeding of the four-year cycle traditionally associated with Bitcoin.
It also highlights the relative performance of ether. According to his calculations, the asset outperformed the S&P 500 by 6,519 basis points in the third quarter. The manager considers this progression as a prelude to a greater increase in the fourth quarter, in particular because institutional investors would still remain little exposed to cryptocurrencies.
This speech must, however, be placed in context. Each increase in ether directly increases the value of BitMine's balance sheet and can support the price of BMNR. Tom Lee therefore does not comment on the market from a neutral position.
And his predictions don't always come true. He notably mentioned a bitcoin at $250,000 before the end of 2025. The asset reached a peak close to $126,000, very far from this target.
BitMine Nears Its Target of 5% of Ethereum Supply
BitMine held 6,001,302 ETH as of September 28, worth close to $16 billion at current prices. This stock represents approximately 4.9% of the approximately 122 million ETH in circulation. The objective called “Alchemy of 5%” is therefore almost achieved.
The shift dates back to June 30, 2025. The company, until then specialized in bitcoin mining and cooling of machines by immersion, had raised $250 million in a private placement led by MOZAYYX. Founders Fund, Pantera Capital, Galaxy Digital, Kraken, DCG and FalconX were among the investors.
Since then, BitMine says it has purchased ether every week. More than 5 million ETH, or around 85% of its assets, are now staked. The company estimates that this activity can generate over $350 million in annualized revenue, primarily paid out in the form of additional ETH.
The model, however, remains dependent on the market valuation of BMNR. When the stock trades above the value of the assets held, BitMine can issue new securities to purchase more ether. Conversely, a discount makes these issues dilutive for shareholders.
To limit this risk, the board of directors had authorized a share repurchase program of $1 billion in July 2025. This ceiling was increased to $4 billion in April 2026. BitMine notably repurchased approximately 5.5 million shares for $86 million in July.
