Bitmine Adds $32M in Ethereum as Tom Lee Says Firm Is Nearly 'Done Stacking'

Bitmine Immersion Technologies bought 12,532 ETH over the past week, worth about $31.9 million at the $2,544 price the company used to value its holdings and lifting its holdings to 6,028,946 ETH, the company said Monday.

The stash represents 4.9% of the total 122.1 million Ethereum token supply, leaving the firm 99% of the way to its goal of owning 5%, a target it calls the "Alchemy of 5%."

Bitmine bought $41 million more ETH the week before. In a press release, the firm's Chairman Tom Lee claimed that its “track record of consistent buying of crypto is unmatched by any public company in the world.”

The company valued its ETH at $2,544 per token, and put its total crypto, cash and investment holdings at $16.2 billion. That includes 214 BTC, $612 million in cash and marketable securities, and stakes worth $180 million in Beast Industries and $85 million in Eightco Holdings.

The firm has staked 5,067,309 ETH, which Lee said generates annualized staking revenue of about $336 million.

'Done stacking'

In his monthly Chairman's message last week, Lee said Bitmine needs "about 100,000 more ETH, and that's about it." He has said the firm's Ethereum buying will stop once it reaches its target.

"Now we're done stacking while a bull market is starting," Lee said in the video. "So if we're done stacking, but ETH goes up a lot, you can imagine that we'll outperform Ethereum."

Lee predicted the crypto bull market would be "the biggest bull market we've ever seen," driven by tokenization, a wealth transfer to younger investors, supply absorbed by digital asset treasury firms, and AI agents using crypto wallets.

He said Bitmine shares, then around $26, are 90% correlated with ETH, and projected that ETH at $22,000 would put the stock at $300 to $500.

Lee also pointed to Bitmine's 9.5% perpetual preferred stock, BMNP, which was issued at $80 in June and last closed at $99.53, according to the release.