Bitmine Adds 12,532 ETH as Tom Lee Predicts BMNR To Outperform Crypto Market
Highlights
- Bitmine bought 12,532 ETH over the past week, with holdings climbing to 6,028,946 ETH.
- The Ethereum treasury firm is now closer to holding 5% of the total Ethereum supply.
- Tom Lee predicted that BMNR will outperform the crypto bull market.
Ethereum treasury firm Bitmine bought more ETH last week, extending its streak of consecutive weekly purchases. This comes as the company’s Chairman Tom Lee predicted that the BMNR stock will outperform the crypto bull market.
Bitmine Buys 12,532 ETH As Holdings Approach 6.03 Million Ethereum
According to a press release, the Ethereum treasury firm announced that it acquired 12,532 ETH over the past week. The company has notably bought ETH every week since it adopted the Treasury strategy last year.
Bitmine now holds 6,028,946 ETH, representing over 4.9% of the total Ethereum supply, while its total staked ETH stands at 5,067,309, worth nearly $13 billion. This follows the company’s $41 million Ethereum purchase last week, acquiring 15,112 ETH two weeks ago.
The company is now 99% of the way to reaching its target of holding 5% of the total Ethereum supply. Last week, Tom Lee said Bitmine will halt Ethereum purchases once it reaches its goal of holding 5% of the supply.
The treasury firm needs to buy only about 100,000 ETH to reach this 5% supply target. It is worth noting that the firm currently holds an unrealized loss of $4.8 billion on its Ethereum position, according to DropsTab data. Its average cost price is $3,324 on its holdings.
BMNR To Outperform The Crypto Market
Tom Lee said that they believe that the BMNR stock will outperform the imminent crypto bull market. He noted that they have strengthened their competitive position over the past year in the midst of the bear market.
“The accumulation of a majority of our 6 million ETH took place in the midst of a crypto bear market and with the Company nearing our 5% ETH accumulation target, we believe the company is attractively positioned ahead of the coming crypto bull,” the Bitmine chairman said. He also highlighted how the ETH price outperformed the stock market in Q3.
Lee noted that Ethereum outperformed the S&P 500 despite macro headwinds such as the Fed rate hike, rising oil prices and global bond yields. Meanwhile, he mentioned wealth transfer, tokenization, DATs absorbing crypto supply and crypto being an AI downstream story as factors that will drive the “largest ever crypto bull market.”
For more on tokenization, check out Best Institutional Custody Solutions for Tokenized Assets, RWAs & Securities
Instant Currency Exchange at BestChange with Ease
- Compare Rates Across 1000+ Exchanges
- Access 250+ Cryptocurrencies & Pairs
- Save Time with Real-Time Price Tracking
- Trusted & Verified Exchange Listings
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Global ONCHAIN AWARDS 2026
