BitMine’s ETH Stash Hits 6.06 Million as Tom Lee Reaffirms Crypto Bull Market Is Still Alive

BitMine Immersion Technologies built its ether treasury the way MicroStrategy built its bitcoin one from 2020, buying large blocks weekly and disclosing them on a set schedule under chairman Tom Lee. The company set an explicit target early on: own 5% of Ethereum's total supply. That goal has shaped every subsequent purchase, turning BitMine into one of the largest single holders of ETH and a closely watched proxy for institutional appetite for the asset.

The latest 8,573 ETH buy is the smallest in BitMine's recent run, down from 10,452 ETH the week before and from 12,535 and 15,112 ETH earlier this autumn. Holdings now stand at 6,060,506 ETH, with 5.22 million of those tokens staked and earning yield. Shareholders get a treasury nearing its stated ceiling rather than open-ended accumulation, while the slower pace signals BitMine may soon shift from buyer to holder, reducing one source of steady demand pressure on ETH.

A single company approaching 5% of Ethereum's circulating supply, with most of it staked, concentrates both economic exposure and potential validator influence in one balance sheet, a tension more associated with centralized custodians than with a network meant to distribute control. Tom Lee's reading of muted market reaction to the Binance hack as proof the bull market is intact is his interpretation, not a settled fact, and skeptics could just as easily read thin reaction as fatigue rather than confidence.

Watch BitMine's next weekly disclosure for whether the pace keeps slowing toward a plateau near the 5% mark, and whether the company specifies the ETH supply figure it is measuring against as that threshold nears. Also worth tracking is the staked share of holdings, now 5.22 million of 6.06 million ETH: further increases would tie BitMine's position even more tightly to Ethereum's validator economics rather than simple treasury accumulation.