Bitmine adds 10,452 ETH as Tom Lee declares crypto bull market underway

Bitmine Immersion Technologies added 10,452 ETH to its holdings, a purchase worth roughly $24 million. This acquisition brought the company's total holdings to 6,051,933 ETH. The firm's current position represents 4.95% of Ethereum's total supply. Bitmine is now 99% of the way to its goal of owning 5% of the Ethereum network. The company is the world's largest Ethereum treasury and the second-largest crypto treasury overall.

Chairman Tom Lee stated that a crypto bull market is underway. He noted that Bitmine repurchased 2.04 million shares over the past week. Lee called these share buybacks the largest ever by a crypto treasury firm. As of October 25, Bitmine's combined crypto, cash, marketable securities, and other investments totaled $15 billion. The company holds 215 Bitcoin and $514 million in cash and marketable securities. Bitmine also maintains an $180 million stake in Beast Industries and a $76 million position in Eightco Holdings.

The firm has staked 5,227,037 ETH through its MAVAN platform. Bitmine projects annualized staking revenue of roughly $318 million. Lee argued that the recent crypto pullback stemmed from risk-off forces similar to those behind a broader AI selloff. He noted that ETH had fallen 13% from its recent peak while U.S. semiconductor stocks dropped 20% over the same stretch. Strategy paused its Bitcoin buying to spend $204.9 million on STRC buybacks.