Tom Lee's Bitmine Buys 12,532 ETH, Nears 5% Ethereum Target

Bitmine Immersion Technologies (BMNR) has purchased an additional 12,532 $ETH for its balance sheet. The latest purchase comes on the heels of Chairman Tom Lee signaling that Bitmine will halt its aggressive purchases when its holdings reach 5% of Ethereum’s supply.

Bitmine acquires 12,532 $ETH to near historic milestone

According to an official announcement, Bitmine has increased the size of its Ethereum holdings, scooping up 12,532 $ETH over the last week. At current prices, Bitmine splurged around $31 million on its latest haul.

The acquisition brings the company’s Ethereum stash to 6,028,946 $ETH as the company inches closer toward its objective of owning 5% of the total circulating supply. Bitmine has an unbroken streak of buying $ETH each week since it pivoted to an $ETH treasury strategy in June 2025.

“Over the past week, we acquired 12,532 $ETH,” said Tom Lee. “Bitmine’s track record of consistent buying of crypto is unmatched by any public company.”

Last week, Tom Lee hinted that Bitmine will pause its $ETH purchases, when its holdings equal 5% of Ethereum’s circulating supply. At the moment, Bitmine owns 4.9% of the total $ETH coin supply estimated to be around 122.1 million.

Bitmine is putting its Ethereum holdings to work, staking 12.9 billion worth of $ETH. Its projected staking reward is forecasted to be $400 million on an annualized basis.

Apart from its burgeoning $ETH holdings, Bitmine’s balance sheet is flashing signs of strong financial performance. The company has disclosed 214 BTC, a $180 million stake in Beast Industries and an $85 million stake in Eightco Holdings.

Furthermore, its cash and marketable securities are pegged at $612 million with Tom Lee predicting a strong run for the company.

Bitmine tipped to outperform the crypto bull market

Tom Lee has predicted Bitmine to hit a streak of good fortune in the coming months, outperforming the broader crypto bull market.

“The accumulation of a majority of our 6 million $ETH took place in the midst of a crypto bear market and with the Company nearing our 5% $ETH accumulation target, we believe the company is attractively positioned ahead of the coming crypto bull.”

Lee pointed to Bitmine’s share price outperforming $ETH during the bear market of 2025-2026. According to Lee, in the first 9 months of 2026, $ETH declined by 10% while BMNR was down by 3%.

Source: Bitmine

Despite Ethereum playing second fiddle to Bitmine’s stock, Lee forecasted a major incoming rally for the broader cryptocurrency market. Dubbed the “largest ever crypto bull market,” Lee pointed to tokenization, and DATs as the major drivers of the incoming rally.