Bitmine Nears 5% of Ethereum Supply – Here Is Why Tom Lee Sees ETH Rising

• Bitmine purchased another 9,926 ETH, lifting its Ethereum treasury to roughly 5.8 million ETH and about 4.8% of the total supply.
• Chairman Tom Lee believes tokenization and agentic AI could become major drivers of Ethereum usage during the next crypto cycle.
• More than 5 million ETH is already staked, with Bitmine projecting roughly $250 million in annualized staking revenue.

Bitmine Immersion Technologies has pushed its massive Ethereum treasury even higher, purchasing another 9,926 ETH over the past week and bringing its total holdings to approximately 5.8 million ETH.

The company now controls roughly 4.8% of Ethereum’s total supply, putting it remarkably close to its long-standing target of owning 5% of all ETH.

Bitmine’s crypto and related holdings have climbed to approximately $11.4 billion. Beyond Ethereum, the company holds 210 Bitcoin, around $78 million in cash and marketable securities, along with investments in Beast Industries and Eightco Holdings.

Tom Lee Sees Ethereum Entering Its Next Major Cycle

Bitmine Chairman Tom Lee believes the ETH/BTC ratio could provide an important signal about where the crypto market is heading next.

According to Lee, Ethereum has historically strengthened against Bitcoin when new applications created significant demand for its blockchain. ICOs helped drive the 2017-2018 cycle, NFTs became a major force during 2020-2021, and stablecoins provided another source of Ethereum adoption more recently.

This time, Lee believes Wall Street tokenization and agentic AI could become the next major catalysts.

Financial institutions are increasingly experimenting with putting traditional assets such as funds, bonds and other securities onchain. At the same time, autonomous AI agents could eventually use blockchain networks for payments, transactions and coordination, potentially creating another source of Ethereum activity.

Lee also expects easier financial conditions to provide a broader tailwind for crypto.

Bitmine Stakes More Than 5 Million ETH

Bitmine isn’t simply holding its enormous Ethereum position.

The company has now staked more than 5 million ETH, worth approximately $9.6 billion, through its MAVAN infrastructure and other staking partners.

Its staking operations recently generated a seven-day yield of around 2.61%. At that rate, Bitmine estimates annualized staking revenue could reach approximately $250 million.

That income gives Bitmine’s Ethereum treasury an important additional component, allowing the company to generate staking rewards while maintaining exposure to potential ETH price appreciation.

Bitmine Moves Closer to Its 5% Ethereum Goal

Reaching 4.8% of Ethereum’s supply leaves Bitmine very close to completing its ambitious 5% accumulation target.

The company has also been buying back its own stock, repurchasing 1.7 million common shares during the past week and more than 20.8 million shares since July under its $4 billion authorization.

For Bitmine, the strategy is increasingly centered on a simple thesis: Ethereum could capture greater value as tokenization and AI applications expand onchain. If Lee’s expectations prove correct, Bitmine’s enormous ETH position means the company has positioned itself aggressively for that shift.

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