Bitmine bought $75 million ether as Tom Lee says institutions are still underweight crypto
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Summary
Bitmine Immersion Technologies purchased 27,562 ether (ETH) last week, valued at approximately $75.2 million at the price of $2,727 per ETH, continuing its steady accumulation since June 2025. Tom Lee, Bitmine chairman and Fundstrat cofounder, stated that institutional investors are still underweighted in crypto and are expected to increase their exposure in the final three months of 2026.
Why it matters
According to Tom Lee, institutions have favored AI-linked stocks earlier in 2026 but might catch up with crypto due to Ethereum’s strong performance, which has outpaced the S&P 500. This institutional shift could influence broader market dynamics and adoption of crypto assets. The source does not elaborate further on broader market or policy impacts.
Key context
Bitmine has been following a crypto treasury strategy since June 2025, regularly accumulating ETH with a goal of owning 5% of the token’s total supply. The firm currently holds about 4.9% of Ethereum’s circulating supply and has staked roughly 85% of its holdings, projecting annual staking revenue of around $357 million at current yields.
Key numbers and entities
Bitmine Immersion Technologies (BMNR) purchased 27,562 ETH valued at $75.2 million; its total holdings are approximately 5,983,940 ETH, close to 5% of Ethereum’s 122.1 million supply. ETH’s price used was $2,727. Tom Lee is chairman of Bitmine and cofounder of Fundstrat.
What remains unclear
The source does not specify the precise timing or mechanisms of the expected institutional inflows in late 2026, nor does it quantify how significant institutional underweighting is beyond general statements. It also does not detail Bitmine’s overall investment strategy beyond ETH accumulation and staking.