Tom Lee, chairman of Bitmine Immersion Technologies, believes the cryptocurrency bull market began in late June and could gain further momentum during the final quarter of 2026. According to Lee, a combination of institutional demand, Ethereum’s strong performance, tokenization growth and capital rotation from artificial intelligence stocks could support the crypto market through the remainder of the year.
Lee’s comments came alongside Bitmine’s latest weekly treasury update, which showed that the company continues to aggressively expand its Ethereum holdings. Bitmine purchased another 27,562 ETH during the past week, bringing its total Ethereum treasury to 5,983,940 ETH.
At current prices, the company’s Ethereum holdings are worth approximately $16.3 billion. Bitmine also reported total holdings of around $17.1 billion across crypto assets, cash, marketable securities and other investments.
Tom Lee Sees Stronger Crypto Momentum in Q4
Lee said he believes the current crypto bull market started in late June. He pointed to several factors behind the market’s recent strength, including capital moving from AI-related investments back toward crypto, stronger fundamentals around tokenization and artificial intelligence, and the conclusion of the traditional four-year crypto market cycle.
Ethereum has been a major part of that market performance. Lee noted that ETH has outperformed other macro assets by 6,519 basis points during the third quarter so far. He believes this significant outperformance could potentially provide the foundation for another strong move during the fourth quarter.
Institutional participation could also become an important factor. Lee said institutions remained relatively underweight in crypto during 2026, partly because artificial intelligence stocks attracted significant investor attention earlier in the year. He expects institutional exposure to digital assets to increase during the final three months of 2026.
If institutional investors increase their allocations, additional capital could enter the crypto market and potentially support demand for major assets such as Ethereum.
Bitmine Continues Its Ethereum Accumulation
Bitmine’s latest purchase adds to an aggressive Ethereum accumulation strategy that has continued for more than a year.
The company held 5,956,378 ETH after its previous weekly update, meaning the latest purchase of 27,562 ETH increased its treasury to 5,983,940 ETH. Bitmine is now only around 16,000 ETH away from reaching the six-million-ETH milestone.
The company has been purchasing Ethereum consistently since launching its ETH treasury strategy in June 2025. At the end of August, Bitmine held approximately 5.9 million ETH after purchasing another 53,501 ETH.
Its current holdings represent more than 4.9% of Ethereum’s circulating supply, which is estimated at approximately 122.1 million ETH. Bitmine has also said it is pursuing its “Alchemy of 5%” strategy, which aims to control 5% of Ethereum’s total supply.
The growing treasury has made Bitmine one of the largest corporate holders of Ethereum and has closely linked the company’s financial performance to the price and adoption of ETH.
More Than 5 Million ETH Is Staked
Alongside its accumulation strategy, Bitmine has also been increasing the amount of ETH it commits to staking.
As of September 20, the company had 5,067,309 ETH staked. That represents approximately 85% of its total Ethereum holdings and puts the value of its staked position at roughly $13.8 billion based on current prices.
According to Lee, Bitmine has staked more Ethereum than any other entity in the world.
The company estimates that its current Ethereum staking position could generate approximately $357 million in annual staking revenue based on a seven-day annualized staking yield of 2.62%. If the entire Ethereum treasury is eventually staked through Bitmine’s Made in America Validator Network (MAVAN) and other staking partners, annual staking rewards could potentially reach approximately $421 million.
Staking has already become an important part of Bitmine’s business model. During the three months ended May 31, Ethereum staking generated $45.7 million of the company’s $46.5 million in quarterly revenue.
Ethereum Remains Central to Bitmine’s Strategy
Lee has repeatedly highlighted Ethereum’s potential role in the growth of tokenized financial assets and AI-related applications. The company’s strategy therefore extends beyond simply holding ETH, with staking providing an additional potential source of revenue.
The latest treasury update also highlights how quickly Bitmine’s Ethereum holdings have expanded. With the company approaching six million ETH and increasing its staking position, its future financial performance will remain closely connected to Ethereum’s market development.
For the broader crypto market, Lee’s expectation of stronger institutional participation during the final quarter of 2026 adds another factor for investors to monitor. Whether institutions significantly increase their crypto exposure will depend on market conditions, asset performance, regulatory developments and broader investment trends.
For now, Bitmine continues to accumulate Ethereum while staking a large portion of its holdings, reinforcing its long-term strategy around the second-largest cryptocurrency by market capitalization.
