BitMine Immersion Technologies, Inc.

BitMine Immersion Technologies, chaired by Tom Lee, announced on September 28 that its Ethereum holdings had topped 6 million ETH. Holdings rose by 17,362 ETH from the previous announcement on September 21, reaching 6,001,302 ETH as of September 27. At the time of the announcement, the ETH holdings were worth about 16.1 billion dollars, equivalent to roughly 2.53 trillion yen at 157 yen to the dollar. In addition to ETH, the company holds 213 BTC, cash, listed securities, and strategic investments in companies, and said its total holdings of crypto assets, cash, and other investments reached 17.2 billion dollars. The company launched an ETH-centered treasury strategy on June 30, 2025, with a goal of holding 5 percent of the ETH supply. With ETH supply at about 122.1 million ETH, the company's holdings represent roughly 4.9 percent of that, putting progress toward the 5 percent goal at 98 percent. Of its ETH holdings, 5,067,309 ETH are staked, accounting for about 84 percent of the total. According to Lee, current staking revenue is estimated at about 358 million dollars on an annualized basis, and BitMine's own staking business posted a yield of 2.62 percent annualized over the past seven days. Lee also said a crypto bull market has been underway since late June, noted that institutional investors' allocation to crypto assets remains small, and predicted that institutions will raise their investment ratios through the end of 2026.

BitMine Immersion Technologies has bought more Ethereum, pushing its holdings past the 6 million milestone. Tom Lee, the chairman of the world's largest Ethereum treasury firm, has continued to advocate for Ethereum amid his company's relentless accumulation of the asset. The company trades under the ticker BMNR.

Bitmine Immersion Technologies, a U.S. company that holds Ethereum as a treasury reserve asset, announced on September 21 that it acquired an additional 27,562 ETH over the past week, bringing its holdings to 5,983,940 ETH. According to the company, this equals 4.9% of Ethereum's total supply of roughly 122.1 million ETH, reaching 98% of its goal of holding 5% of the supply. BitMine has purchased ETH every week since launching its ETH treasury strategy on June 30, 2025. About 5.1 million of the ETH it holds is staked, accounting for roughly 85% of its total ETH holdings, and the current annualized staking yield is expected to be about 357 million dollars, or roughly 56 billion yen at 157 yen to the dollar. For staking, the company uses its own developed platform MAVAN along with external staking partners. Chairman Tom Lee has said that since late June he has viewed the crypto asset market as being in an ongoing bull market, citing a shift of funds from AI into crypto assets, improving fundamentals centered on tokenization and AI, and the end of the four-year cycle. He also predicted that, based on ETH's performance in the third quarter of 2026, the fourth quarter could bring an even stronger rally, and expressed the view that institutional investors will significantly increase their exposure over the three months through the end of the year.

BitMine bought another 27,562 ether last week, bringing its holdings to 5.98 million tokens worth about $16.3 billion, but the company remains short of its long-running goal of owning 5% of all ether. BitMine has bought ether every week since June 30, 2025, and says it is 98% of the way to that 5% target, yet because ether has no supply limit and new tokens are minted constantly, the finish line keeps moving; the company is still about 121,000 tokens short, even after buying 136,329 ether since BeInCrypto flagged the gap in August. Chairman Tom Lee said institutions have underweighted crypto in 2026, partly due to the outperformance of AI stocks in early 2026, and he expects them to substantially increase their exposure in the final three months of 2026. Investors are not paying up for that view: BitMine values its crypto, cash and private stakes at $17.1 billion, while the whole company was worth $15.68 billion at Friday's close, a discount that is normal for crypto treasury firms. Ether traded near $2,734, up over 6% in the last 24 hours, and Lee gives a keynote in Seoul on September 30, the day before the quarter he is betting on begins.

The SEC issued a five-year exemption on September 17 creating a regulated pathway for certain trading venues to issue tokenized representations of publicly traded U.S. stocks, sending crypto-linked equities higher Monday morning. Ethereum is at $2,727.39, up 5.7% over the trailing 24 hours, while the iShares Ethereum Trust ETF is up 3.3% to $20.57 and the SPDR S&P 500 ETF Trust is up 0.7% at $767.14. Bitmine Immersion Technologies, the largest publicly traded Ethereum treasury, is at $27.42, up 6%, and SharpLink is at $9.80, up 5%, both tracking the coin as Ethereum-treasury proxies. Coinbase Global is at $205.12, up 6%, catching a separate bid because it already runs tokenized equity offerings outside the United States and sits closest to the order's practical mechanics. The exemption carries volume limits and no formal rulemaking has followed, so the durability of Coinbase's rally hinges on any U.S. onshore rollout it pursues under those conditions.

Bitmine Immersion Technologies announced on September 14 that it had acquired an additional 27,180 Ethereum over the past week. As of September 13, its holdings stood at 5,956,378 ETH, equivalent to 4.9% of the total supply of 122 million coins. Total assets, including cryptocurrencies, cash, and securities, amount to $15.8 billion, with the acquisition cost estimated at about $68 million. Its staking balance as of September 7 was 5,067,309 ETH, accounting for 85% of holdings, with a seven-day yield of 2.62% annualized and projected annual staking revenue of $334 million. If the entire holdings were staked, that figure would reach $392 million. The company has set a goal of acquiring 5% of the total supply and has reached 98% of that target.

Ethereum is up nearly 58% so far in the third quarter, positioning the token to end its first-ever three-quarter losing streak after consecutive declines of nearly 29% in the fourth quarter of 2025, roughly 30% in the first quarter of 2026 and nearly 26% in the second quarter of 2026. The reversal is not yet final, with more than two weeks remaining in the quarter, and the current gain exceeds the cited average third-quarter return of 12% and median return of 10%. Ethereum was trading at $2,510, up 1.34% on the day, after bouncing sharply off a September low near $2,061 and pushing back above its 200-day moving average, though it remains down about 18% so far this year and more than 42% over the previous 12 months. Tom Lee, chairman of Bitmine Immersion Technologies, had predicted in August that Ethereum would break the streak, citing institutional allocation and a potential passage of the CLARITY Act as factors that could support a strong fourth quarter, and Bitmine said on September 8 that it held 5,929,198 ETH as of September 7, equal to 4.9% of Ethereum's 122 million supply, up from 4.8% in late August.

Ethereum (ETH) rose 32.5% in August, outperforming Bitcoin (BTC) for the second consecutive month. This is the first time since July-August 2023. The rally increased the combined valuation of publicly listed Ethereum treasury companies by approximately $9.42 billion, bringing it to $34.1 billion. Corporate treasury holdings increased by more than 103,265 ETH during August, with the majority of purchases driven by Bitmine Immersion Technologies (BMNR), the world's largest corporate Ethereum holder. Meanwhile, Ethereum mainnet usage declined, with daily transactions falling from 3.4 million on August 18 to 1.8 million, and network revenue dropping by nearly 60%. Activity shifted to cheaper layer-2 networks, with Robinhood Chain recording a record single-day DEX trading volume of $1.33 billion. Ethereum's rise was supported by staking demand (approximately 1.34 million ETH, worth about $3.3 billion, added in August), inflows of about $1.81 billion into spot ETFs, and a roughly $6 billion increase in futures open interest. Looking ahead to September, the upper Bollinger Band sits near $2,580.13, leaving room for upside, though risks of a reversal due to overheated leverage have also been noted.

Strategy has resumed buying Bitcoin after a summer of selling, purchasing 4,603 BTC for $369.7 million at an average of $80,318 per coin, its first acquisition since June. The company had sold 6,948 BTC between May and August for about $432.5 million, roughly $62,250 per coin, to fund preferred dividends and buybacks when its equity funding route closed. Now that MSTR stock has recovered, Strategy sold 4,531,421 shares for $602.8 million net, allocating $369.7 million to Bitcoin, $151.8 million to STRC buybacks, $50.7 million to preferred dividends, and $30 million to cash. Other treasury companies also stepped in, with Strive adding 1,800 BTC for about $143 million and Bitmine making its largest Ethereum purchase since June. The move signals a potential shift in corporate treasury strategy as Bitcoin ETFs saw $217 million in net inflows and ETH ETFs saw $88 million.

Tom Lee, co-founder of Fundstrat and chairman of Bitmain Immersion Technologies, said on CNBC that Bitcoin could reach $150,000. He noted that the current rally in cryptocurrencies is only the "first wave," with institutional investors actively buying crypto-related stocks, and the surge in volume reflects expectations of major market moves heading into the fourth quarter. He also mentioned $100,000 as a level to watch, and indicated that the Fed's rate hike trajectory and long-term interest rates will be key variables for future market direction. Furthermore, he sees the September 15 FOMC meeting as a turning point, with the base case being that the Fed holds rates steady, which could lead to a strong rally across markets, including equities. As for cryptocurrencies, he expects institutional asset allocation to strengthen into the fourth quarter.

Bitmine Immersion Technologies extended its streak of buying Ether to 65 consecutive weeks, adding 53,501 ETH to its portfolio last week. This brings its total holdings to more than 5.9 million ETH, worth approximately $14.8 billion, and representing 4.9% of Ethereum's total circulating supply of 120.7 million ETH. The company is nearing its announced goal of holding 5% of the supply. Tom Lee, chairman of Bitmine, said that Ether, Bitcoin, and Solana are the three best-performing assets since June 30, and he believes this lays the groundwork for financial institutions to increase their cryptocurrency holdings. However, the company still carries unrealized losses of about $5.1 billion on its Ether holdings, according to DropsTab. Meanwhile, BMNR shares, which trade on the New York Stock Exchange, rose 1.3% in Monday morning trading to $24.09 per share, and are poised to close the month with a gain of nearly 40%.

Bitmine Immersion Technologies announced on August 31 that it acquired 53,501 ETH over the past week. This brings its holdings to 5,901,112 ETH, reaching 4.9% of Ethereum's total supply of 120.7 million ETH. This marks the 65th consecutive week of accumulation since purchases began in June 2025, reaching 98% of the target holding ratio of 5%. At a valuation of $2,511 per ETH, the total is approximately $14.8 billion (about 2.368 trillion yen). Decrypt calculated the acquisition cost at approximately $131 million (about 21 billion yen), reporting it as the largest purchase since June. The company's chairman, Tom Lee, noted that ETH outperformed the S&P 500 by 5,430 basis points in the third quarter, stating that crypto assets are significantly outperforming other macro assets, laying the groundwork for institutional investors to increase their crypto holdings. Treasury companies are also active: Strategy acquired 4,603 BTC for $369.7 million (about 59.152 billion yen) from August 24 to 30, bringing its holdings to 845,050 BTC. Strive also added 1,800 BTC, bringing its holdings to 23,156 BTC, rising to fifth place among listed companies. Bitmine is the world's largest ETH treasury and remains second overall in crypto treasuries after Strategy, but according to DropsTab data, its current unrealized loss is approximately $5.1 billion (about 816 billion yen). In Japan, TORICO also added 25.8642 ETH on the same day, August 31, bringing its total acquired quantity to 2,945.9375 ETH and total acquisition cost to 1.24582 billion yen. Although the scale is vastly different, the trend of accumulating ETH as a revenue-generating asset is also reaching Japan.

U.S. asset manager Strive announced on August 31 that it acquired 1,800 BTC for approximately $143 million (about ¥22.88 billion). According to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), the acquisition period was from August 24 to 28, with an average purchase price of approximately $79,431 per BTC, including fees. CEO Matt Cole revealed on X that the company's holdings increased from 21,356 BTC to 23,156 BTC, with a value of approximately $1.76 billion (about ¥281.6 billion). This makes Strive the fifth largest corporate Bitcoin holder, surpassing Bullish. Buying by crypto treasury companies has become active again. Strategy acquired 4,603 BTC from August 24 to 30 for $369.7 million (about ¥59.152 billion, average $80,318), bringing its total holdings to 845,050 BTC. Ethereum holder Bitmine also acquired 53,501 ETH in one week, bringing its holdings to 5,901,112 ETH (4.9% of supply). According to the announcement, this was worth approximately $131 million (about ¥20.96 billion), the largest purchase since June. The background is the recovery of the Bitcoin market in August, with a monthly gain of over 24%, the strongest since 2017. However, Strive's average purchase price this time is slightly above the current level, and the profit and loss on this purchase is roughly balanced. In Japan, Metaplanet holds 43,000 BTC, ranking third globally among listed companies, but its average purchase price is high at ¥15,331,542 per BTC, and it still has a long way to go to eliminate unrealized losses.

Bitmine Immersion Technologies acquired 53,501 ETH worth roughly $131 million last week, marking its largest Ethereum purchase since June and extending its weekly buying streak to 65 weeks. The NYSE-listed company, chaired by Tom Lee, now holds 5,901,112 ETH valued at about $14.8 billion, representing 4.9% of Ethereum's total supply and 98% of its goal to control 5% of the network. Lee highlighted Ethereum's outperformance, noting it has beaten the S&P 500 by 5,430 basis points this quarter, and cited the mid-September Clarity Act vote as a potential catalyst. Bitmine's total holdings, including cash and other investments, reached $15.6 billion, making it the world's largest Ethereum treasury and second-largest crypto treasury overall.

Tom Lee, chairman of BitMine, has predicted that Ethereum could easily trade above $10,000 by 2027 or 2028, driven by a new crypto bull cycle, Wall Street tokenization, and growing AI adoption. Speaking to Bankless on Wednesday, Lee argued that a fresh bull cycle should push ETH back above $5,000, and with additional demand from tokenized financial assets and AI systems, the cryptocurrency could reach five figures. Ethereum currently trades near $2,470 after a roughly 27% weekly rebound, according to CoinGecko data. Lee's forecast comes after several of his previous short-term targets missed, including a November 2025 prediction of a rally to $7,000-$9,000 by January 2026, which never materialized. He also endorsed a more aggressive scenario where ETH could eventually exceed $250,000, though that has no stated deadline. BitMine has accumulated approximately 5.82 million ETH, close to 5% of Ethereum's circulating supply, and has been buying for over 60 consecutive weeks.

As Bitcoin fell 1.9% on rising U.S. Treasury yields, Ethereum declined only 1.6%, maintaining a level above $2,400. U.S. spot Ethereum ETFs saw inflows totaling approximately $1 billion over nine consecutive trading days, and Bitmain Immersion Technologies purchased an additional 32,447 ETH. While the amount of ETH waiting to enter staking increased by 1.28%, traders in prediction markets still hold positions anticipating further price declines. ETF inflows and Bitmain's buying have supported the market, keeping ETH above $2,400.

Crypto-linked equities are outrunning the coins in Tuesday morning trade, with CleanSpark surging 7% to $12.72 and BitMine Immersion Technologies climbing 4% to $25.21. The CoinShares Bitcoin Mining and Digital Power ETF is up 4% to $46.55, while the iShares Bitcoin Trust ETF is up 0.6% to $44.92, as mining and treasury names reprice faster than Bitcoin's nearly flat 0.4% move to $79,377.30. CleanSpark's most recent earnings report showed revenue of $138.01 million, missing the $141.81 million consensus, with a GAAP loss of $0.89 per share driven by a $116.25 million loss on the fair value of Bitcoin. BitMine announced on August 24 that its ether holdings had reached 5.85 million tokens, with total crypto and cash holdings of $14.9 billion, and Chairman Tom Lee said the company could hit its 5% of all ether target before year end, generating roughly $330 million annually in staking yield. Strategy holds 846,000 Bitcoin with an $8.32 billion unrealized digital-asset loss, while Coinbase reached an all-time-high 10.3% crypto trading volume market share in Q2 2026.

Bitmine Immersion Technologies has disclosed a crypto and moonshot portfolio valued at US$14.9b, alongside fresh Ethereum purchases that bring its holdings close to 5% of ETH supply. The announcement coincided with a 52.88% share price rebound over 30 days, though the one-year total shareholder return remains down 51.32%. The stock trades at a price-to-book ratio of 1.3x versus a peer average of 5.3x and a US Software sector average of 3.1x, while a Simply Wall St discounted cash flow model values future cash flows at just $0.01 per share against a last close of $24.14. The company is currently loss-making, reporting a loss of $8,772.21m on revenue of $61.20m, with forecasts for revenue to grow 75.6% per year.

Strategy raised $2.01 billion last week through the sale of 18.26 million MSTR shares but did not purchase any bitcoin, leaving its holdings unchanged at 840,447 bitcoin. The company added about $300 million to its protected reserve and set aside $1.59 billion as a USD cash pool for future bitcoin purchases or stock buybacks. This marks the first time Strategy has raised capital without immediately deploying it into bitcoin, according to Scott Melker. Meanwhile, Bitmine continued buying Ethereum, acquiring 32,447 ETH for $81 million, its largest weekly purchase since early July.

Bitmine, the world's largest corporate holder of Ether, could generate bigger gains than the token itself through 2026 as Ether's price recovers. Last June, Fundstrat's Tom Lee joined Bitmine as its new chairman and directed its transformation into an Ether hoarder through its new 'Alchemy of 5%' strategy. The company now holds 5.85 million Ether tokens, or 4.8% of its total supply, worth $14.6 billion, exceeding its enterprise value of $13.8 billion. Bitmine trades at a discount to its net asset value because it issues shares to fund Ether purchases and high-yield corporate obligations, but it stakes its Ether to earn an average annualized yield of 2.7%. Ether has risen from about $1,500 in June to nearly $2,500, and catalysts like decentralized apps, stablecoins, real-world asset tokenization, and AI agents could drive further gains.

Strive CEO Matt Cole declared the Bitcoin bear market over after Bitcoin broke out against the U.S. dollar and gold simultaneously, sending Strive stock up 5% to $19.09 and Strategy stock up 3% to $123.05 in early Monday trading. Cole cited the dual breakout as the basis for his conviction, while Strive holds 20,246 Bitcoin at an average cost of $94,345, ranking seventh among public company holders. Separately, Strategy disclosed in an 8-K that it raised over $2 billion by selling 18,261,118 shares last week at an average of $109.88 without selling any Bitcoin, with $1.57 billion of the proceeds placed into a newly created unrestricted cash account called USD Cash. SharpLink's institutional ownership rose 12 percentage points to 60%, and Bitmine Immersion Technologies, the largest corporate Ethereum holder with more than 3.73 million ETH, also rose 3% to $23.50. The CoinShares Bitcoin Mining and Digital Power ETF slid 2% to $45 and was down 20% over the past month, underscoring the divergence between treasury vehicles and miners.

Bitmine Immersion Technologies increased the value of its crypto reserves by $2.2 billion in a single day amid a major Ethereum rally that pushed the altcoin above $2,200, according to CryptoQuant's analyst Maartunn.

US crypto-related stocks surged across the board on the 19th. Bitcoin triggered a short squeeze that briefly pushed it toward the 70,000 dollar level, forcing bearish investors who had sold in anticipation of declines to buy back positions. Strategy, a major Bitcoin holder, rose 11.95 percent from the previous day to 103.58 dollars. Coinbase, a major cryptocurrency exchange, gained 9.05 percent to 159.47 dollars. Circle, which issues stablecoins, climbed 9.44 percent to 78.50 dollars. Bitmine, which holds Ethereum, advanced 9.68 percent to 20.05 dollars. Reports said more than 1 billion dollars worth of bearish positions were forcibly liquidated within one hour on the 19th. The US Treasury's plan to double the scale of long-term bond buybacks starting in September also supported buying of risk assets, and the total market capitalisation of the cryptocurrency market expanded by more than 5 percent that day. In Tokyo trading the following day, the 20th, the Nikkei Stock Average opened higher, with gains from the previous close briefly exceeding 800 yen.

Bitmine Immersion Technologies announced on August 17 that its Ethereum holdings have reached 5,815,164 ETH. It holds approximately 4.8% of the circulating supply of about 120.7 million ETH, making it the world's largest corporate Ethereum holder. Against its ETH treasury strategy target of holding 5% of supply, it has reached 96% of that goal. It added 9,926 ETH over the past week, bringing the value of its ETH holdings to about 11 billion dollars. Of its ETH holdings, roughly 5,067,000 ETH is staked through its own staking infrastructure MAVAN and partners, with annual staking revenue expected to be about 250 million dollars. In addition, as part of a total 4 billion dollar share buyback program, it acquired an additional 1.7 million shares over the past week, bringing cumulative purchases since July to 20.8 million shares.

Ethereum has given back gains made after the US jobs report and is trading between 1,850 and 1,880 dollars ahead of the US Consumer Price Index release. Corporate purchases of ETH as a treasury asset by BitMine and SharpLink are offsetting outflows from spot ETFs and deteriorating market sentiment driven by debates over staking rewards. On-chain metrics show daily active addresses reaching 989,500, the highest level since March, while reduced selling pressure from long-term holders also supports the bullish outlook. On prediction market Polymarket, the probability of ETH reaching 2,250 dollars by year-end is seen at 55 percent.

Bitmine Immersion Technologies purchased an additional 7,391 Ethereum over the past week and increased the amount of ETH it has staked. The company now owns 4.8% of Ethereum's circulating supply and is 96% of the way toward its goal of holding 5% of the available ETH supply. Bitmine said 87% of its Ethereum holdings are now staked, representing 5,067,309 ETH worth $9.8 billion at current prices, with annual staking rewards expected to reach $194 million for a yield of 2.63%. The purchase extends the company's streak of buying ETH every week since adopting an Ethereum treasury strategy in 2025. Bitmine also repurchased three million shares of its common stock over the past week, bringing total repurchases to 19.1 million shares under a $4 billion program that began in July, as Chairman Tom Lee noted the company views its stock as undervalued with shares down 69% over the last 12 months to $18.38.

In July, US spot Ethereum ETFs saw inflows of 365.17 million dollars, more than double the 172.42 million dollars for Bitcoin ETFs. This ended eight consecutive weeks of net outflows. Bitmain Immersion Technologies is accelerating its strategy of holding crypto assets as treasury reserves, expanding its holdings to 5.79 million Ethereum, equivalent to 4.8 percent of ETH's circulating supply. Technical indicators and prediction markets suggest ETH may trade in a range of 1,800 to 2,000 dollars for the time being.

Tom Lee, chairman of Bitmine Immersion Technologies, predicts Ether could soar to $250,000 per coin from its current price of about $1,940, representing a potential gain of nearly 13,000%. Lee believes the transition to Ethereum 2.0 will drive mainstream adoption by major financial institutions and AI-powered agents, with firms like BlackRock and JPMorgan Chase already launching investment funds on the network. However, Ethereum's daily active wallet addresses have declined to roughly 2.2 million from 3.7 million a year ago, and Lee's forecast would imply a market capitalization of $30.1 trillion, roughly equal to the entire U.S. economy's output last year. Bitmine Immersion Technologies holds 5.8 million Ether coins, or nearly 5% of the circulating supply, making Lee's bullish call potentially self-serving.

BitMine Immersion Technologies has increased its Ethereum holdings to 5.79 million ETH, bringing its combined crypto treasury to $11.8 billion as it moves closer to its goal of controlling 5% of Ethereum's total supply. The company now holds 5.8 million ETH, 208 Bitcoin worth approximately $13.6 million, $268 million in cash and marketable securities, a $180 million stake in Mr Beast's Beast Industries, and a $61 million investment in Eightco Holdings. Chairman Tom Lee said the firm views the rising ETH/BTC ratio, now at a 3-month high of 0.3000, as a positive sign for Ethereum prices, and believes ETH could next challenge the $2,000 and $2,500 levels. Bitmine also repurchased 6.1 million shares over the past week under its $4 billion buyback program, bringing total repurchases since July 1 to 11.6 million shares. The company said 4.9 million ETH is currently staked through its Made in America Validator Network, projecting annualized staking rewards of about $299 million once all its ETH is staked.

Strategy, BitMine, and SharpLink shares rallied Monday as a reported pause in U.S. strikes on Iran triggered a broad relief rally that lifted Bitcoin back toward $65,000. Strategy stock rose 3% to $94.43, BitMine Immersion Technologies surged 7% to $17, and SharpLink Gaming gained 5% to $6.07, though all three remain deeply negative over the past year with declines of 78%, 62%, and 75% respectively. The bounce was led by Ethereum, which is up 24% over the past month versus Bitcoin's 9% gain, benefiting the two ETH-treasury names BitMine and SharpLink. Strategy confirmed no Bitcoin purchases for a fifth straight week, its longest pause in nearly two years, while sitting on $3.75 billion in cash and 843,775 Bitcoin at an average cost of $75,476. SharpLink's institutional ownership has climbed from 6% to 46%, and its non-binding memorandum of understanding with Galaxy Digital for a $125 million on-chain yield fund helped explain the outsized move.

Bitmine Immersion Technologies purchased another 10,000 Ethereum over the past week. The company bought 9,946 ETH worth $19.4 million, up from 7,430 ETH the prior week, lifting its total holdings to 5,787,414 tokens valued at $11.2 billion, or about 4.8% of Ethereum's circulating supply. Chairman Tom Lee noted Ethereum's recent outperformance versus Bitcoin as a bullish sign, with ETH up 24% over the past month compared to Bitcoin's 8% gain. Bitmine also increased share repurchases to 6.1 million shares under a $4 billion buyback authorization, nearing its goal of acquiring 5% of Ethereum's circulating supply.

Fundstrat co-founder Tom Lee expects Bitcoin to reach $250,000 and Ethereum to hit $12,000 by the end of the year. Lee last reiterated his 2026 price target of $200,000 to $250,000 per Bitcoin on CNBC in January, arguing that spot ETF demand is now the dominant price driver. His Ethereum target of $12,000 assumes the token returns to its eight-year average ratio against Bitcoin at his $250,000 Bitcoin target, while higher tiers of $22,000 and $62,000 depend on more extreme ETH-to-BTC ratios. Lee also serves as chairman of BitMine Immersion Technologies, which holds close to 5% of Ethereum's circulating supply, creating a flywheel between his public targets and the company's buying program.

Bitmine Immersion Technologies, the world's largest corporate Ethereum whale, disclosed financial reserves worth $11.5 billion. Its treasury holds 5,777,468 ETH, representing 4.8% of Ethereum's total global supply of 120.7 million ETH. The company is now tapering its purchases.

Bitmain Immersion Technologies expects annualized revenue of $242 million from staking its Ethereum holdings. The company currently holds 5.77 million ETH, representing 4.8% of the circulating supply, with 4.92 million ETH already staked. If the full amount were staked, annual revenue could reach approximately $284 million. Meanwhile, the layer-2 network Robinhood Chain, launched by Robinhood, surpassed $1 billion in decentralized exchange trading volume within two weeks of launch, using ETH as its native gas token and creating ongoing fee demand. On prediction market Kalshi, the probability of ETH exceeding $2,000 by the end of July is estimated at 67%, though technical indicators show strong resistance near the $2,000 level.