Bitmine Immersion Technologies added 27,562 Ethereum (ETH), worth roughly $74 million, extending its uninterrupted weekly buying streak and prompting chairman Tom Lee to declare that a new crypto bull market is underway.

The NYSE-listed company said Monday that its Ethereum holdings had reached 5,983,940 ETH, valued at approximately $16.1 billion using a reference price of $2,688 per coin. The holdings represent 4.9% of Ethereum’s total supply of 122.1 million tokens, putting Bitmine, by its own calculation, 98% of the way toward its goal of controlling 5% of the network. The company calls that target the “Alchemy of 5%.” At the cited supply figure, crossing that threshold would require roughly 121,000 additional ETH.

The latest purchase extends a buying streak that has continued every week since Bitmine launched its treasury strategy on June 30, 2025.

Lee said he believes a crypto bull market has been underway since late June. He attributed the shift to a rotation from artificial intelligence stocks into crypto, strengthening fundamentals surrounding tokenization and the end of the four-year cycle. (Disclosure: Tom Lee is one of several investors in Dastan, Decrypt’s parent company.)

Lee also described Ethereum as the best-performing macro asset of the quarter, saying it had outpaced the S&P 500 by 6,519 basis points, the equivalent of about 65 percentage points. He called that performance a “prelude” to a stronger fourth quarter, when he expects institutions that are underweight crypto to increase their exposure.

Including cash, other tokens and what Bitmine calls “moonshot” investments, the company’s total holdings reached $17.1 billion as of Saturday. The total includes 212 Bitcoin, $714 million in cash and marketable securities, a $180 million stake in Beast Industries and a $105 million position in Eightco Holdings.

Bitmine remains the world’s largest Ethereum treasury and the second-largest crypto treasury overall, behind only Michael Saylor’s Strategy, the firm that pioneered the corporate Bitcoin treasury strategy in 2020.

Strategy recently brought its Bitcoin holdings back toward a June record with a $76 million purchase, part of a broader increase in crypto treasury buying as prices rose. Bitcoin topped $85,000 over the weekend, while more than $648 million in short positions were liquidated.

Bitmine is also generating staking income. Through its MAVAN platform, it has staked 5,067,309 ETH, or about 85% of its holdings, for projected annualized revenue of roughly $357 million. Staking locks tokens to help operate and secure the Ethereum network in exchange for rewards.

Lee is scheduled to deliver the keynote address at Korea Blockchain Week on September 30.

Source: Decrypt