BitMine Buys $92M in Ethereum as Tom Lee Maintains Bullish ‘Crypto Spring’ Outlook

Tom Lee’s BitMine is showing no signs of stopping its Ethereum purchases, even with the price volatility the crypto market currently faces.

A recent press release revealed that the firm purchased another 52,203 ETH over the past week. This  is about $92 million based on the current market Ethereum price. The latest purchase pushes BitMine’s total Ethereum holdings to 5.67 million ETH.

With this new acquisition, BitMine now controls about 4.7% of ETH’s circulating supply. This brings the firm about 94% of the way toward its goal of owning 5% of all of the Ethereum.

BitMine moves closer to its 5% ETH goal as Tom Lee stays optimistic

The latest purchase has kept the company right on track to reach its long-term target later this year. BitMine Chairman Tom Lee remains optimistic about the market changing tides in this cycle.

“Over the past week, we acquired 52,203 ETH. We continue to maintain a steady pace of accumulation throughout 2026,” Tom Lee said. “We believe we are in the early stages of crypto spring. Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026.”

According to the release, its crypto holdings, cash, marketable securities, and investments are now worth about $10.7 billion. The company’s ETH holdings alone are now valued at almost $10 billion.

BitMine also holds 205 Bitcoin and a $180 million stake in Beast Industries, among other investments. Even though the Ethereum price remains below some of the company’s average purchase levels, BitMine has continued to accumulate tokens. The firm currently has $9.32 billion in paper losses, down 48% from its initial value.

Tom Lee believes the growing institutional adoption of the coin and increasing blockchain use cases will support it in the long-term. He had shared that the market would enter what he called the “crypto spring” if Bitcoin closed above $76,000 in May. 

However, he says the recent market pullback has not changed his stance. This sounds almost contradictory, as Lee had also warned of a rougher bear market recently.

Staking revenue boosts BitMine Strategy

BitMine has continued to maintain strong revenue thanks to its growing staking business. The company revealed that 4.72 million ETH, which is more than 83% of its total holdings, is currently staked. If this rate is maintained, the Ethereum treasury firm estimates that its staking operations would be generating around $223 million in annualized revenue.

The company also added that those rewards could rise to as much as $268 million per year once all the eligible ETH is fully deployed through its MAVAN staking platform.

This added stream of staking income helps support the firm in its purchases. At the same time, it provides consistent cash flow that can be used for more expansion later in the future.

This month, BitMine strengthened its pockets by raising around $274 million through the sale of 3.5 million shares of its 9.50% Series A Perpetual Preferred Stock. The preferred shares pay weekly cash dividends to investors.

Source:: BitMine Buys $92M in Ethereum as Tom Lee Maintains Bullish ‘Crypto Spring’ Outlook