Bitmine bought $75 million ether as Tom Lee says institutions are still underweight crypto
Bitmine purchased $75 million worth of Ether, increasing its holdings to nearly 5% of the total supply, with 85% staked for an estimated $357 million annual revenue. This comes as analyst Tom Lee suggests institutional investors, who previously favored AI stocks, are now expected to significantly increase their crypto exposure in late 2026 due to crypto's outperformance and growing use in AI.
Why it matters
This indicates a growing institutional interest and investment in cryptocurrency, particularly Ethereum, which could drive further market growth and mainstream adoption, potentially shifting investment strategies from traditional assets or other tech sectors like AI.
The purchase was worth about $75.2 million at Monday’s ether price of $2,727, lifting Bitmine’s holdings to 5,983,940 ETH. That’s about 4.9% of the token’s 122.1 million supply, keeping the company close to its goal of owning 5%.
The firm has been buying at a similar pace in recent weeks and, at that rate, could reach its accumulation goal in the next couple of months. The company said it bought ether every week since June 2025, when it pivoted to a crypto treasury strategy.
Bitmine has staked about 5 million ETH, roughly 85% of its holdings, and projected a staking revenue of roughly $357 million annually at current yields.
Bitmine shares were 5.8% higher pre-market, extending Friday’s 8% rally as ETH surged overnight to a fresh high since late January.
Tom Lee, meanwhile, said institutional investors may be playing catch-up after favoring artificial intelligence-linked stocks earlier in the year.
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