Tom Lee’s Bitmine Adds 27,562 ETH as Ethereum Climbs Above $2,700
Highlights
- Bitmine announced that it bought 27,562 ETH last week.
- This comes amid Ethereum's rally above the psychological $2,700 level.
- The BMNR stock is up over 5% today amid the broader crypto market rally.
Ethereum treasury firm Bitmine has made another Ethereum purchase as it approaches its goal of holding 5% of the total ETH supply. This comes amid the broader crypto market rally, with Ethereum climbing above $2,700 while the BMNR stock is up over 5%.
Bitmine Announces 27,562 ETH Purchase as Ethereum Rallies
In a press release, the Ethereum treasury company announced that it acquired 27,562 ETH over the past week. This extends the company’s track record of buying ETH every week since it launched the treasury strategy last year.
This also follows Bitmine’s purchase of 27,180 ETH two weeks ago, just as Tom Lee highlighted the CLARITY Act vote as a positive catalyst for a year-end crypto rally. Although the cloture vote failed, the crypto market has still rallied to new local highs, with Ethereum breaking above the psychological $2,700 level.
Meanwhile, Bitmine now holds 5,983,940 ETH following its latest, representing 4.9% of the total Ethereum supply. The company’s total staked ETH stands at 5,067,309, worth around $13.6 billion.
Despite the latest Ethereum rally, the Ethereum treasury firm still sits on an unrealized loss of just over $3.5 billion, according to DropsTab data. The company’s average purchase price stands at around $3,329.
BMNR Stock Climbs Over 5%
The Bitmine stock has rallied over 5%, reaching $27, according to TradingView data. The crypto stock is now up over 165 in the last month, rallying alongside ETH and the broader crypto market. The Ethereum price is notably up over 8% in the last month.
Tom Lee stated that they believe a crypto bull run is underway, having started in late June. He highlighted several factors driving this bull run, including the rotation from AI back to crypto. He also noted the strengthening crypto fundamentals centered around both tokenization and AI.
Lastly, the Bitmine Chairman cited the ending of the 4-year cycle as another factor driving this bull run. With only little more than a week left in calendar third quarter (3Q26), the outperformance of Ethereum as a macro asset continues to strengthen. Quarter to date, ETH is outperforming by 6,519bp, dwarfing other macro assets,” Tom Lee said.
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