Tom Lee Backs Supercycle as Bitmine Buys 111,942 ETH

Bitmine Immersion Technologies purchased 111,942 Ether in the past week after Ether fell below $2,200, the company reported. The token traded roughly between $2,025 and $2,147 over the prior seven days. The purchase raises Bitmine’s holdings to nearly 5.4 million ETH.

Chairman Tom Lee told investors Tuesday that the recent price drop created an “attractive opportunity.” He repeated his expectation of a crypto and Ethereum supercycle driven by Wall Street tokenization and agentic artificial intelligence and said Bitmine will continue to add to its holdings. “We continue to expect a supercycle ahead for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agentic AI. And thus, we continue to steadily acquire ETH, with Bitmine now owning nearly 5.4 million ETH tokens,” Lee said.

Bitmine is the largest corporate Ether treasury and has been accumulating through market downturns. The firm bought more than 100,000 ETH per week for several weeks before slowing its pace earlier this month.

The company’s stated objective is to hold about 5% of Ether’s circulating supply. With a circulating supply near 120.7 million tokens, that target equals slightly more than 6 million ETH. Bitmine needs roughly 644,596 ETH to reach that goal, which Lee expects will occur sometime this year.

Bitmine has also begun staking part of its treasury. The firm reported it has staked more than $4.7 million worth of ETH and projects annualized staking revenues of $276 million.

Data show more than 39.2 million ETH are currently staked, about 32.19% of supply, with roughly 3.3 million ETH queued for validation. An exit queue contains about 234,368 ETH awaiting withdrawal.

Ether reached an all-time high of $4,946 in August 2025 and has since declined by more than 58%. Bitmine cited the price drawdown as an attractive buying opportunity and carried out its largest purchase so far in 2026.