BitMine's Ethereum Push Could Fuel Next Bull Cycle, Lee Says

BitMine's Ethereum holdings climbed to 6,028,946 ETH last week, putting the stockpile's value at roughly $15.3 billion based on prevailing market prices.

For chairman Tom Lee, BitMine's Ethereum focus could be one factor behind the market's next bull run.

BitMine Now Holds 4.9% of All Ethereum Tokens

According to its latest statement, BitMine has 6,028,946 ETH in its treasury, representing 4.9% of Ethereum's total supply of 122.1 million tokens.

Of the overall stash, 5,067,309 ETH — 84% — is staked through the MAVAN platform and its partners. At a seven-day yield of 2.61%, annualized staking revenue is projected at $336 million.

Should the full balance eventually be staked, that revenue projection could rise to $400 million.

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BitMine provided its latest holdings update for October 12, 2026

$16.2 billion in total crypto + "moonshots":
– 6,028,946 ETH at $2,544 per ETH (per @coinbase)
– 214 Bitcoin (BTC)
– $180 million stake in Beast Industries @MrBeast
– $85 million stake in Eightco Holdings…

— Bitmine (NYSE-BMNR) $ETH $BMNP (@BitMNR) October 12, 2026

Ethereum is not the only asset in BitMine's portfolio; the company reports 214 Bitcoin. A $180 million stake in Beast Industries is also on the books.

Accumulation has a clear endpoint. On October 7, Lee said BitMine will stop buying ETH once its holdings equal 5% of circulating supply.

He framed that 5% target as the program's stopping point; the buying spree had initially been expected to span five years. BitMine is approaching that level after roughly a year, during a bear market.

Ethereum Left the S&P 500 Behind in Q3

Around press time, ETH traded near $2,517, up 0.67% in the previous 24 hours. BeInCrypto data showed its market capitalization near $308 billion.

Lee highlighted that ETH outpaced the S&P 500 by 6,832 basis points over the third quarter. The advance came despite macroeconomic tightening, elevated bond yields and Federal Reserve policy.

“We believe that as crypto enters a cycle we expect to be a bull market; what is notable is Bitmine’s share price outperformance of ETH during the bear market of 2025-2026. In the first 9 months of 2026, ETH declined 10% while BMNR was down by 3%, or outperformance of 731bp,” Lee said.

The chairman contends that when companies keep digital assets in treasuries, supply is removed from the market. That dynamic, in his view, favors the next cycle, unlike 2019 to 2021, when such treasuries were not a factor.