Bitmine will buy 111K ETH as Tom Lee predicted the supercycle
Ether acquisition firm Bitmine Immersion Technologies chairman Tom Lee has doubled down on the idea of an impending crypto supercycle, making its biggest acquisition so far in 2026.
Li said on Tuesday that last week, bitcoin offered an “attractive opportunity” after buying 111,942 ether (ETH) and sending the token below $2,200 after a recent rebound. Ether has traded between $2,025 and $2,147 over the past seven days.
He also reiterated his supercycle theory for crypto and ether due to Wall Street's interest in tokenization and artificial intelligence-powered agents.
“We continue to expect a supercycle ahead for crypto and Ethereum, driven by the dual drivers of Wall Street tokenization and agency AI. And with that, we continue to gain ETH with Bitmin now owning nearly 5.4 million ETH tokens,” Lee said.
Source: Bitmine
After accumulating more than 100,000 ETH per week for three consecutive weeks, Bitcoin slowed down its Ether buying spree earlier this month. It is the largest Ether treasury company and has consistently bought crypto even during market downturns following a business model similar to Michael Seiler's Bitcoin Treasury strategy.
Bitmine's goal is to hold 5% of Ether's distribution of 120.7 million tokens. Bitcoin needs 644,596 ETH to reach its goal of more than 6 million ETH, which Lee says will happen sometime this year.
Ether's treasury companies lean towards stocks
Bitmin has split more than $4.7 million from Ether, according to the company, and is expected to generate $276 million in annual earnings per share.
Related: Bitmine's Tom Lee Hints at Stock Tailwind After Valuation for Russell 3000
Staking infrastructure provider Everstake said in a report on Tuesday that ethereum's treasury firms are under pressure to generate revenue from stocks and other dividend strategies as the appeal of public companies that hold only the asset weakens.
According to Ethereum's validator queue in the entire ecosystem, the amount of Ether stored has reached a new high, with more than 39.2 million, or 32.19% of the supply, locked up and another 3.3 million waiting in the wings. At the same time, the withdrawal queue has 234,368 Ether waiting to withdraw.
Currently, more than 39.2 million Ether are covered by the stock. Source: Ethereum Validator Queue
Ether hit an all-time high of $4,946 in August 2025, but has fallen more than 58% since then. Lee has previously argued that Ether's downward slide could present a buying opportunity.
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