BitMine increased its Ethereum treasury to 6,028,946 ETH last week, lifting its stake to roughly $15.3 billion at current prices.
Chairman Tom Lee says the firm’s Ethereum strategy could help drive the next crypto bull cycle.
BitMine Holds 4.9% of Ethereum’s Total Supply
The company now holds 6,028,946 ETH, or 4.9% of Ethereum’s 122.1 million token supply, according to its latest statement.
Of that total, 5,067,309 ETH, or 84% of its balance, is staked through its MAVAN platform and partners. The company projects $336 million in annualized staking revenue, based on a 2.61% seven-day yield.
That figure could reach $400 million once all holdings are staked.
Beyond Ethereum, the company reports 214 Bitcoin. It also holds a $180 million stake in Beast Industries.
The buying program has a defined endpoint. Tom Lee said on October 7 that BitMine will halt ETH purchases once it holds 5% of circulating supply.
Lee described the target as a stopping point for the program, which was originally expected to take five years. The company is nearing that level in roughly a year, during a bear market.
ETH Strongly Outperforms the S&P 500 in Q3
At the time of writing, ETH traded near $2,517, up 0.67% over 24 hours. Its market capitalization stood near $308 billion, according to BeInCrypto data.
Lee noted that ETH outperformed the S&P 500 by 6,832 basis points in the third quarter. The gain came despite macroeconomic tightening, high bond yields, and Federal Reserve policy.
“We believe that as crypto enters a cycle we expect to be a bull market; what is notable is Bitmine’s share price outperformance of ETH during the bear market of 2025-2026. In the first 9 months of 2026, ETH declined 10% while BMNR was down by 3%, or outperformance of 731bp,” Tom Lee said.
Lee argues that digital asset treasuries remove supply from the market. He says that the dynamic favors the next cycle, compared with 2019 to 2021, when those treasuries were not a factor.
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