Bitmine Immersion Technologies has pushed its Ethereum stash to 6,001,302 ETH, or 4.9% of the coin's total supply, closing in on chairman Tom Lee's 5% target. Lee says a new crypto bull market began in late June, and Ethereum's recent price action gives that claim some support.
Bitmine, a digital asset treasury that buys and holds Ethereum, has been accumulating the coin every week. Its holdings as of Sept. 27, 2026 put it within striking distance of Lee's goal of owning a full 5% of Ethereum's supply.
Bitmine's buying nears its 5% target
Bitmine is far from the largest player in this corner of the market. Strategy held 847,666 Bitcoin as of Sept. 27, 2026, making it the largest digital asset treasury by that measure. Still, Bitmine's Ethereum pile is large enough to matter for the coin's available supply.
Investors value these treasury companies using the multiple of net asset value, which compares a company's market worth to its crypto holdings. Bitmine's mNAV stood at 1.0 as of Oct. 1, according to CoinGecko data, meaning the stock carries no premium over its crypto right now. Without that premium, Bitmine cannot sell shares at an advantage to fund further Ethereum purchases.
Is the bull market actually here
Ethereum traded at $2,679 on Oct. 1, still 46% below its record of $4,946. Many of Bitmine's earlier purchases came while the coin was near that peak, so Lee's company only profits if prices keep climbing — a reason to take his bull-market call with some skepticism.
Even so, the broader numbers back him up. Ethereum is up 55% over the last three months, and Bitcoin has gained 35% in the same stretch. The total crypto sector market cap climbed from near $2.1 trillion on July 1 to nearly $3 trillion by the end of September. That momentum has held up despite bearish catalysts like rising oil prices and the failed vote on the Clarity Act.
Whether the term "bull market" officially applies is mostly a matter of definition. Tom Lee is expected to keep buying Ethereum regardless of the label.
Source: The Motley Fool
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