Bitmine buys 27,562 ETH worth $75.2 million as Tom Lee sees institutional catch-up

Bitmine Immersion Technologies bought another 27,562 ether last week for about $75.2 million at Monday's ether price of $2,727. The purchase increased its holdings to 5,983,940 ETH, equal to about 4.9% of ether's 122.1 million supply and close to the company's goal of owning 5%. Bitmine has bought ether every week since June 2025, when it shifted to a crypto treasury strategy. If it continues buying at a similar pace, it could reach its accumulation goal within the next couple of months. The company has staked about 5 million ETH, or roughly 85% of its holdings, and projected annual staking revenue of roughly $357 million at current yields. Its shares were 5.8% higher in premarket trading, extending Friday's 8% rally as ETH surged overnight to its highest level since late January. Tom Lee, Bitmine's chairman, said institutional investors remain underweight in crypto and may increase their exposure during the final three months of 2026. He said institutions may be playing catch-up after favoring artificial intelligence-linked stocks earlier in the year.