Bitmine Nears 5% ETH Goal, Lee Says 'Done Stacking' — SkimNews
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- Bitmine Immersion Technologies acquired 12,532 ETH (~$31.9M) over the past week, bringing its holdings to 6,028,946 ETH — roughly 4.9% of Ethereum's 122.1M total supply.
- Chairman Tom Lee said the firm needs about 100,000 more ETH to hit its 'Alchemy of 5%' target, after which its buying program will stop: 'Now we're done stacking while a bull market is starting.'
- Bitmine valued its total crypto, cash, and investment holdings at $16.2 billion, including 214 BTC, $612M in cash and marketable securities, a $180M stake in Beast Industries, and $85M in Eightco Holdings.
- Bitmine has staked 5,067,309 ETH, generating annualized staking revenue of about $336M, while its BMNP perpetual preferred stock — issued at $80 in June — last closed at $99.53.
- Lee predicted 'the biggest bull market we've ever seen,' citing tokenization, a generational wealth transfer to younger investors, supply absorbed by digital asset treasury firms, and AI agents using crypto wallets.
- Lee projected that ETH at $22,000 would lift BMNR shares — then around $26 and 90% correlated with ETH — to $300–$500.
Why it matters: Bitmine is on the cusp of a milestone Lee himself set as a buying ceiling, meaning the steady accumulation that has absorbed Ethereum supply will halt just as Lee says a generational bull market begins. With BMNR shares 90% correlated to ETH and no more buy-side support, investors become pure price-takers on Lee's $22,000 ETH call.
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