Tom Lee's Bitmine raises $74 million Ethereum and announces that cryptocurrency bull market has been launched

Bitmine Immersion Technologies, a publicly traded company in the United States of America (USA), continues its weekly increase in Ethereum holdings with the latest purchase of approximately 27,562 ETH. The company's continued expansion into the field of ethereum treasury is becoming an iconic observation window for institutional capital flows to the crypto market. Chairman Tom Lee also said that a new round of cryptocurrency bull markets has been launched since late June, ushering in the fourth quarter or large-scale entry of institutional funds.

Total holdings and target progress

On Monday, Bitmine announced on the New York Stock Exchange that it had added 5,983,940 units of ethereum to its inventory at a reference price of $2,688 per unit valued at approximately $16.1 billion, or about 4.9% of the total supply of 122.1 million.

According to the company's own caliber, this is 98% progress away from its "Alchemy of 5%" goal of controlling 5% of Ethereum supply on the entire network.

Bitmine's ethereum purchases have been uninterrupted since the launch of its vault strategy on June 30, 2025, and this week's increase continues that record.

Tom Lee: Four-quarter agencies are making inroads

Tom Lee believes that this round of crypto bull market is driven by three things: the rotation of funds from AI stocks to crypto markets, the continued strengthening of tokenization fundamentals and the end of a four-year cycle. He further notes that Ethereum was the best performing macro asset in the quarter, winning 6,519 basis points on the S&P 500 Index, and says it's just a prelude to stronger momentum in Q4 which will be gradually ramped up by institutions currently backing Ethereum.

Total asset size and industry position

As of Saturday, after adding cash and other tokens as well as the company's so-called "moonshot" investments, Bitmine had $17.1 billion in total assets including 212 bitcoins, $714 million in cash and securities, a $180 million stake in Beast Industries, and a $105 million position in Eightco Holdings.

Bitmine remains the world's largest ethereum vault company, ranking second in overall crypto vaults behind Michael Saylor's Strategy. The latter recently spent about $76 million adding to its holdings of bitcoin, holding a position close to the record set in June; as prices rose, waves of buybacks by vaults on the market also expanded, with Bitcoin once standing at $85,000 over the weekend and more than $648 million worth of blank orders cleared.

In addition, Bitmine's pledge business continues to generate revenue: about 85% of its holdings (5,067,309 ETH) have been pledged through the MAVAN platform with an expected annual revenue of approximately $357 million. Tom Lee will deliver a keynote speech at Korea Blockchain Week on September 30.