- Tom Lee’s BitMine holds 6.07 million ETH, nearing its 5% Ethereum supply target.
- Its strategy relies on share sales and staking returns.
Tom Lee has transformed BitMine Immersion Technologies from a Bitcoin mining company into the world’s largest publicly traded Ethereum treasury, with its holdings reaching 6.07 million ETH. The company is now approaching its ambitious goal of controlling 5% of Ethereum’s circulating supply through regular purchases and institutional staking.
BitMine reported holding 6,070,092 ETH as of November 8, 2026, representing approximately 4.97% of Ethereum’s circulating supply. The rapid accumulation has placed the company at the center of growing interest in corporate Ethereum treasuries and raised questions about how its strategy could affect investors.
Who Is Tom Lee and Why Is He Betting on Ethereum?
Tom Lee is the co-founder and head of research at Fundstrat Global Advisors, an independent financial research firm he established in 2014 after leaving JPMorgan, where he served as chief equity strategist.
Lee became widely known in the cryptocurrency market for his early Bitcoin predictions and frequent appearances on US financial television. His background in traditional financial markets has also shaped his approach to digital assets, particularly institutional investment and long-term capital flows.
He became chairman of BitMine Immersion Technologies on June 30, 2025, when the company announced its transition toward an Ethereum-focused treasury strategy. Lee is also reportedly a private investor in the company.
His involvement has brought significant attention to BitMine. His connections with institutional investors and major financial networks have helped the company attract interest beyond the traditional cryptocurrency market.
How BitMine Shifted From Bitcoin Mining to Ethereum
BitMine Immersion Technologies is based in Norwalk, Connecticut, and trades on the New York Stock Exchange under the ticker BMNR.
The company originally focused on Bitcoin mining using immersion cooling technology. This method submerges mining machines in a non-conductive liquid to reduce heat, improve cooling and support more efficient operations.
However, BitMine changed direction in June 2025. On June 30, the company announced a $250 million private placement, selling more than 55 million shares at $4.50 each. Investors included Founders Fund, Pantera, Galaxy Digital and Kraken.
The company used the proceeds to establish its Ethereum treasury, with Tom Lee taking over as chairman on the same day.
Although Bitcoin mining remains part of its operations, Ethereum now dominates BitMine’s investment strategy. The company also holds Bitcoin, strategic equity investments and cash reserves.
BitMine’s 5% Ethereum Target Is Almost Within Reach
BitMine introduced its ambitious Alchemy of 5% strategy in July 2025. The plan aims to accumulate up to 5% of Ethereum’s total supply, making the company one of the most influential corporate holders of ETH.
With Ethereum’s circulating supply estimated at approximately 122.2 million ETH, the target represents slightly more than 6.1 million coins.
Its November 8 holdings of 6,070,092 ETH put BitMine approximately 99% of the way toward that goal.
The company has maintained a consistent buying strategy, purchasing Ethereum every week since June 30, 2025. During the first week of November 2026, it added another 9,587 ETH to its reserves.
Lee has also drawn comparisons between BitMine’s approach and Michael Saylor’s Strategy, which pioneered the corporate Bitcoin treasury model.
However, reaching the 5% target may not mark the end of BitMine’s accumulation strategy. Lee has indicated that the company could continue buying Ethereum even after achieving its initial goal.
The company has also adjusted its purchasing approach as it gets closer to the target, directing more capital toward its own shares.
How BitMine Uses Stock Sales to Buy More Ethereum
BitMine’s Ethereum accumulation strategy relies heavily on issuing new shares to raise capital.
The company sells additional shares when its stock trades above the underlying value of its Ethereum holdings. It then uses the proceeds to purchase more ETH, potentially increasing the amount of Ethereum backing each share.
This approach focuses on a key metric known as ETH per share. Rather than simply increasing its total Ethereum holdings, BitMine aims to grow the amount of ETH represented by each outstanding share.
However, the strategy depends on continued investor demand for BMNR stock. If shares trade above the value of the underlying assets, new stock sales can help fund additional purchases.
If that premium disappears, raising capital through share issuance becomes less attractive. New shares could then dilute existing shareholders without delivering a corresponding increase in Ethereum per share.
For investors, there is a big difference between buying BMNR shares and owning Ethereum directly. The stock’s performance depends on ETH’s price, how BitMine raises money, investor interest and the returns it earns from its Ethereum holdings.
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