Bitmine Chairman Tom Lee said the next crypto bull market could be the largest on record, pointing to tokenization, generational wealth transfers, corporate treasury accumulation and growing demand linked to AI.
The outlook accompanied Bitmine’s Monday treasury update. The company added 12,532 ETH over the past week, bringing its holdings to 6,028,946 ETH, or approximately 4.9% of Ethereum’s circulating supply.
“Owing to the following factors, we see the potential for this to be the largest ever crypto bull market,” Lee said, identifying those four themes as potential drivers.
Lee argued that younger investors inheriting wealth are likely to have a greater appetite for crypto and equities. He expects that shift to have a larger effect on the coming cycle than it did during the 2019 to 2021 bull market.
He also pointed to digital asset treasury companies as a new source of supply absorption. Lee described their holdings as effectively permanent removals from the market, although corporate treasuries can sell assets and their strategies can change.
Bitmine said it has purchased ETH every week since launching its Ethereum treasury strategy on June 30, 2025. Its latest holdings leave it close to its target of accumulating 5% of the token’s supply.
Lee said the company had strengthened its position during the bear market and was positioned to outperform in a future rally. According to figures cited in the announcement, ETH declined 10% during the first nine months of 2026, while Bitmine’s common shares fell approximately 3%.
As of October 11, Bitmine reported $16.2 billion in combined crypto, cash, marketable securities and other investments. That included its ETH holdings, 214 BTC, $612 million in cash and marketable securities, a $180 million stake in Beast Industries and an $85 million stake in Eightco Holdings.
The company is also expanding staking operations through its Made in America Validator Network, or MAVAN. Bitmine said the platform, initially developed for its own treasury, now serves institutional investors, custodians and ecosystem partners.
Approximately 5.07 million ETH was staked as of October 11, representing 84% of its Ethereum holdings. At the yield cited in the announcement, Bitmine estimated annualized staking revenue of $336 million and projected approximately $400 million if its full treasury were staked.
Lee also highlighted Bitmine’s BMNP perpetual preferred stock, which carries a 9.5% rate. The shares last closed at $99.53, up approximately 24% from their $80 issuance price in June, according to the company.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.