Bitmine buys 111,942 Ether as Tom Lee predicts supercycle

Bitmine bought 111,942 Ether after the token fell below $2,200, boosting its holdings to 5.39 million tokens worth $12.3 billion.

"We continue to expect a supercycle ahead for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agentic AI," Tom Lee, Chairman of Bitmine Immersion Technologies, said in a statement Tuesday.

Bitmine now holds 5,390,404 ETH, representing 4.47 percent of Ethereum's 120.7 million token supply. The company targets 5 percent of circulating supply, or more than 6 million ETH, requiring an additional 644,596 tokens — a threshold Lee expects to reach this year. Bitmine's total crypto, cash and moonshot investments stood at $12.3 billion as of May 25, including $444 million in cash and 203 Bitcoin. The company is the world's largest Ether treasury and the second-largest crypto treasury behind Strategy, which holds 818,869 Bitcoin valued at $64.1 billion.

The purchase comes as Bitmine meets eligibility criteria for inclusion in the Russell 1000 index, with a market capitalization near $11 billion. Inclusion in the large-cap index, set for reconstitution June 29, could unlock passive fund demand representing 20 percent to 25 percent of the stock's market cap, Lee said.

Staking Revenue Becomes Key Metric for Ether Treasury Firms

Bitmine has staked 4,712,917 ETH, or more than 87 percent of its holdings, generating an estimated $276 million in annualized staking revenue based on a 2.75 percent seven-day annualized yield. Across the wider Ethereum ecosystem, staked Ether hit a new high of 39.2 million tokens, or roughly 32.19 percent of supply, with another 3.3 million in the entry queue, according to the Ethereum Validator Queue.

Staking infrastructure provider Everstake said in a report Tuesday that Ether treasury companies face pressure to generate revenue from staking and other yield strategies, as the appeal of simply holding the asset has weakened following the launch of spot crypto exchange-traded funds.

Ether's Drawdown Presents Buying Opportunity

Ether reached an all-time high of $4,946 in August 2025 but has since fallen more than 58 percent. Lee previously argued that steep drawdowns in Ether offer buying opportunities, a view reinforced by this week's purchase. The token traded between $2,025 and $2,147 over the past seven days, according to CoinGecko.

This article is for informational purposes only and does not constitute investment advice.