Bitmine Adds 27,562 ETH Worth $74M, Chairman Tom Lee Declares Crypto Bull Market 'Underway'

Bitmine Immersion Technologies (NYSE: BMNR) purchased 27,562 Ethereum for approximately $74 million, extending a weekly buying streak since June 30, 2025. The company now holds 5,983,940 ETH, about 4.9% of Ethereum's 122.1 million token supply, at a reference price of $2,688 per coin. Chairman Tom Lee said a crypto bull market has been underway since late June, citing rotation out of AI stocks, strengthening tokenization fundamentals, and the end of the four-year cycle. He said Ethereum has outperformed the S&P 500 by 6,519 basis points this quarter. Total holdings, including 212 Bitcoin, $714 million in cash and securities, and stakes in Beast Industries and Eightco Holdings, reached $17.1 billion. Bitmine remains the largest Ethereum treasury and second-largest crypto treasury behind Michael Saylor's Strategy. Roughly 85% of its ETH is staked, projecting about $357 million in annualized revenue.