Bitmine has added another $32 million worth of Ethereum to its treasury, bringing its total holdings to 6.03 million ETH — roughly 4.9% of the entire Ethereum supply. The purchase was disclosed this week, and it comes with a notable signal: Tom Lee, who is associated with the firm, says Bitmine is nearly finished accumulating.
Lee said the company is almost "done stacking" Ethereum. He also predicted what he called the biggest crypto bull market yet.
Nearly 5% of all Ethereum
Holding 6.03 million ETH is a lot no matter how you slice it. For context, that's just under 5% of the total supply — a position large enough that Bitmine's future moves, or lack of them, will draw attention from anyone watching ETH markets.
The $32 million addition isn't a massive buy relative to the existing stack, but it keeps the accumulation trend intact. More importantly, it lines up with Lee's framing that the buying phase is coming to a close.
Tom Lee's bull market call
Lee isn't shy about his views. He's predicting the biggest crypto bull market yet — a claim that will either look prescient or premature depending on how the next few quarters play out. He didn't attach a timeline to the prediction, and the disclosure didn't include specific price targets.
What's clear is that Lee sees Bitmine's Ethereum position as something to hold through that cycle, not trade around. The "done stacking" comment suggests the firm is shifting from accumulation to patience.
What 'done stacking' actually means
It doesn't mean Bitmine is selling. It means the open-market buying that has defined its recent strategy is winding down. For a company sitting on nearly 5% of Ethereum's supply, that's a meaningful shift. Further purchases would get harder to execute without moving markets, and regulators tend to notice when one entity controls that much of an asset.
The lack of a specific timeline leaves room for interpretation. Bitmine could stop buying next week or next quarter. Lee's language was directional, not a hard stop.
The unanswered question
The real test isn't whether Bitmine buys more ETH — it's what happens if the bull market Lee predicts doesn't arrive on schedule. A 6.03 million ETH position is a conviction bet, and conviction gets uncomfortable when the market disagrees.
For now, the company has what it has. Lee has said his piece. The next concrete data point will be Bitmine's next treasury disclosure, whenever that lands — and whether it shows another buy or the first quiet quarter in a while.
