Bitmine Immersion Technologies Chairman Tom Lee said on June 2 that the company bought 26,497 ETH over the past week, worth about $52 million. Its Ethereum holdings have exceeded 5.4 million ETH, or about 90% of its target. In the statement, Lee wrote: “We believe that Ethereum’s price has not yet reflected improvements in its fundamentals.”
Tom Lee’s Direct Quotes and Macro View
On Monday, during an interview with CNBC, Lee said the crypto market is currently disappointing because when other industries such as software are rising, crypto has not followed; he believes this “always happens when the crypto winter ends.”
On Ethereum’s long-term outlook, Lee said: “With the development of AI systems, what we’re talking about now is using AI for business activities and operating websites, which requires decentralized identities and verification—this is where crypto comes in. We know that Wall Street wants to move toward tokenization; this greatly improves the efficiency of capital flows. But that can only be achieved on Bitcoin, Ethereum, and other smart contracts. Nothing changes in the future.”
Progress on Bitmine’s Holdings Target
In July 2025, Bitmine announced the Ethereum Treasury plan, aiming to hold 5% of Ethereum’s total circulating supply of 120.6 million ETH—about 6 million ETH. As of now, its holdings are above 5.4 million ETH, or about 90% of the target. Lee said the company expects to reach this goal in 2026.
FAQ
Does the purchase of 26,497 ETH this time indicate Bitmine is re-accelerating its buying?
According to Lee’s statement, Bitmine’s purchase pace this month has slowed down somewhat. Previously, it had purchased more than 100,000 ETH every week for three straight weeks; the 26,497 ETH bought this time is smaller than that post-slowdown pace, and does not signal a re-acceleration.
What is Bitmine’s holdings target, and where does it stand now?
Bitmine’s target is to hold 5% of Ethereum’s total circulating supply (120.6 million ETH), or about 6 million ETH. Currently, it holds more than 5.4 million ETH, or about 90% of the target.
How does Tom Lee assess the relationship between Ethereum’s current price and fundamentals?
In his Monday statement, Lee said Ethereum’s price currently “does not reflect improvements in its fundamentals.” He believes this is a common occurrence “in the early stages of crypto spring.” The above is Lee’s personal assessment, not a market forecast.
