Bitmine Buys 27,562 ETH as Tom Lee Says Crypto's Bull Market Is 'Underway'

Bitmine Immersion Technologies (NYSE:BMNR) bought 27,562 Ethereum (CRYPTO: ETH) last week as Chairman Tom Lee declared the crypto bull market already underway.

What the Latest Purchase Shows

According to a Monday press release, Bitmine now holds 5.98 million ETH worth roughly $16.08 billion at current prices, representing 4.9% of Ethereum’s total supply and putting the company 98% of the way to its 5% target. 

Bitmine has bought ETH every single week since launching its treasury strategy on June 30, 2025. 

Total crypto plus cash holdings now stand at $17.1 billion, with 5.07 million ETH staked through its MAVAN platform generating projected annualized staking revenue of $357 million.

Why Lee Sees the Bull Market Underway

Lee pointed to Ethereum’s Q3 outperformance as the clearest signal, with ETH beating the S&P 500 by 6,519 basis points quarter to date, up sharply from the 5,866 basis points Bitmine flagged just two weeks earlier. 

He attributes the move to a rotation away from AI stocks back into crypto, strengthening fundamentals around tokenization and AI infrastructure, and the ending of the four-year cycle.

Lee expects institutions to substantially increase crypto exposure in the final three months of 2026, arguing they entered the year underweight after AI stocks dominated early gains. 

He sees Q3’s outperformance as a prelude to a stronger Q4 move rather than the peak of the trend. Lee delivers the keynote at Korea Blockchain Week on September 30 in Seoul.

Where Bitmine Ranks Among Crypto Treasuries

Bitmine remains the largest Ethereum treasury in the world and the second largest crypto treasury globally, trailing only Strategy (NASDAQ:MSTR), which holds 846,000 BTC worth approximately $75 billion. 

Bitmine also holds a $105 million stake in Eightco Holdings (NASDAQ:ORBS), giving investors indirect exposure to OpenAI through a public equity.

Trading volume tells its own story: Bitmine’s average daily dollar volume hit $1.2 billion over the past five days, ranking 100th among all 5,704 US-listed stocks, ahead of established names like Ciena Corp.

BMNR Price Analysis: Key Levels to Watch

BMNR climbed 6% Monday, breaking cleanly above the $24 resistance zone that capped every rally since February. 

The move also clears the ascending channel that has guided the recovery since the July $13 low, signaling acceleration rather than another retest. 

RSI at 64.72 sits above its moving average and climbing, confirming momentum without stretching into overbought territory.

Key levels for BMNR:

• $24 — 20-day EMA, now flipped to support
• $22.5 — 200-day EMA, deeper support below

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