Bitmine buys another 10,452 ETH as Tom Lee points to crypto outperforming AI stocks

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The Ethereum treasury company now holds more than 6 million ETH, representing 4.95% of the token's supply, as Lee points to crypto's relative resilience against semiconductor stocks.

Mon 26 Oct 2026 · 08:44 EDT · 3 min read

In Ethereum

Bitmine Immersion Technologies (NYSE: BMNR) has acquired another 10,452 ETH, bringing its total holdings to more than 6.05 million tokens, as Chairman Tom Lee maintains that a crypto bull market is underway despite recent market weakness.

The company announced Monday that its Ethereum treasury reached 6,051,933 ETH as of October 25, representing approximately 4.95% of Ethereum’s total supply of 122.2 million tokens.

At an ETH price of $2,356, Bitmine’s holdings were valued at approximately $14.3 billion. Its combined cryptocurrency holdings, cash, marketable securities and other investments totaled $15 billion.

Lee argued that cryptocurrencies have demonstrated greater resilience than semiconductor stocks during the recent market downturn, reinforcing his outlook for the broader digital asset market.

“Crypto got pulled down by the same ‘risk off’ forces behind the AI sell-off,” Lee said, noting that ETH has declined 13% from its recent peak while the iShares Semiconductor ETF (SOXX) has fallen 20% over the same period.

“We believe this is further evidence that a crypto bull market is underway,” he added.

The comparison comes as technology shares face selling pressure, with AI related stocks and cryptocurrencies both affected by reduced investor appetite for risk.

Lee has maintained his bullish outlook despite the recent pullback. In an October 7 presentation, he argued that institutional adoption, tokenization and growing demand for Ethereum could support what he expects to be one of the largest crypto market cycles.

Bitmine approaches 5% Ethereum supply target

The latest acquisition brings Bitmine closer to its stated goal of accumulating 5% of Ethereum’s total supply, a strategy the company calls the “Alchemy of 5%.”

With 6.05 million ETH, Bitmine has reached approximately 99% of that target, based on the reported supply of 122.2 million tokens.

The company said it has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025.

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Bitmine remains the world’s largest publicly traded Ethereum treasury company and the second largest corporate cryptocurrency treasury by reported holdings, behind Bitcoin focused Strategy.

Beyond its ETH holdings, Bitmine reported 215 BTC, a $180 million investment in Beast Industries, a $76 million stake in Eightco Holdings (NASDAQ: ORBS) and $514 million in cash and marketable securities.

Bitmine has also expanded its Ethereum staking operations through MAVAN, its institutional staking infrastructure launched earlier this year.

As of October 25, the company had staked 5,227,037 ETH, worth approximately $12.3 billion and representing 86% of its total Ethereum holdings.

According to Lee, the staked assets could generate approximately $318 million in annualized rewards at current yield levels.

If Bitmine were to stake its entire Ethereum treasury, the company estimates annualized staking rewards could reach $368 million, assuming a 2.58% yield.

These estimates depend on Ethereum staking yields and the amount of ETH deployed.

Bitmine repurchases nearly $400M in shares in 2026

Alongside its continued Ethereum purchases, Bitmine said it repurchased 2.04 million common shares over the past week at an average price of $22.48.

The latest transactions bring total share repurchases in 2026 to 22.9 million shares, representing approximately $399.6 million spent at an average purchase price of $17.48.

Lee described the transactions as the largest common equity buyback program executed by a cryptocurrency treasury company.

The chairman said Bitmine intends to continue repurchasing shares when management considers them undervalued relative to the company’s assets, subject to market conditions and its existing authorization.

The strategy combines Ethereum accumulation, staking income and share repurchases as Bitmine seeks to increase shareholder exposure to its growing crypto treasury.

Lee said the company expects to benefit from a broader crypto recovery, although its outlook remains dependent on market performance and the returns generated by its Ethereum holdings.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.