Bitmine Nears 5% of All Ether as Tom Lee Predicts the Largest Crypto Bull Market Ever

Tom Lee's Bitmine is now within spitting distance of owning 5% of all Ether in existence.

The Ethereum treasury company added another 12,532 ETH over the past week, bringing total holdings to 6,028,946 tokens. That works out to roughly 4.9% of Ether's 122.1 million circulating supply — leaving the firm just 76,000 ETH short of the 5% target it has chased since June 2025.

The 5% Club

Bitmine is not the only corporate player accumulating ETH, but it is closest to a threshold that would have seemed absurd years ago. A single public-company treasury now sits on the verge of locking up a meaningful slice of the asset powering the Ethereum ecosystem.

Slower Buys, Bigger Bags

The purchase marked a third straight week of shrinking buys: 17,362 ETH the week before last, 15,112 last week, 12,532 this week. That is a far cry from the 53,501 ETH it picked up in late August. Tom Lee said back in May that Bitmine would ease off the gas near the 5% mark.

Why It Matters

Bitmine's total holdings — crypto, cash, securities and "moonshot" stakes — were valued at $16.2 billion as of October 11, down from $17.4 billion a week earlier on an Ether price dip. Over 5 million ETH are staked through its MAVAN platform, generating roughly $336 million in annualized yield.

Tom Lee used the update to pitch a once-in-a-cycle setup. "We see the potential for this to be the largest ever crypto bull market," he said, citing tokenization, wealth transfer, treasuries absorbing supply and AI as key drivers. He stressed that digital asset treasuries represent "essentially permanent supply removed" — a dynamic absent in 2019-2021.

Institutional players are not dipping a toe anymore. They are building multi-year positions, and Ethereum is ground zero.