Bitmine adds 12,532 ETH as Tom Lee flags potential 'largest-ever' crypto bull market

Bitmine Immersion Technologies announced Monday that it increased its Ethereum treasury to 6,028,946 ETH after acquiring 12,532 tokens over the past week.

At $2,544 per ETH, the holdings are worth approximately $15.3 billion. Bitmine now holds 4.9% of Ethereum's 122.1 million token supply, the company said in a statement.

Of the total tokens held, 5,067,309 ETH, valued at $12.9 billion, are staked through the company's MAVAN platform and staking partners, representing 84% of its balance. The company projected annualized staking revenues of $336 million based on a seven-day annualized yield of 2.61%, with the figure expected to reach $400 million once its ETH holdings are fully staked.

Beyond ether, Bitmine reported 214 bitcoin, a $180 million stake in Beast Industries, an $85 million investment in Eightco Holdings, and $612 million in cash and marketable securities. Its crypto, cash, and other holdings totaled $16.2 billion as of Oct. 11.

Chairman Tom Lee noted that ether outperformed the S&P 500 by 6,832 basis points in the third quarter despite macroeconomic tightening, high bond yields, and Federal Reserve policy.

His bullish outlook extends beyond ether's role in Bitmine's treasury, pointing to tokenization, wealth transfers, digital asset treasuries absorbing crypto supply, and crypto's links to artificial intelligence as factors that could drive the next market cycle.

"We see the potential for this to be the largest ever crypto bull market," Lee said. "DATS represent essentially permanent supply removed from the crypto market and this dynamic is favorable ahead of the upcoming crypto bull cycle, particularly compared to the prior 2019-2021 period, when DATS were not a factor."

According to The Block's ether price page, ether traded at $2,529.15 on Monday, up 1.03% over 24 hours.

Bitmine shares last closed at $24.03 on Friday, The Block's Bitmine Immersion Technologies, Inc. (BMNR) price page shows.