Bitmine, backed by Tom Lee, surpasses 5 million Ethereum tokens in holdings
April 27, 2026
Bitmine, a company backed by Tom Lee, recently made headlines with the announcement that its Ethereum holdings have surpassed 5 million tokens. In the past week alone, Bitmine acquired 101,901 ETH, marking its fastest accumulation pace since December 2025. Notably, around 3.7 million ETH has been staked out of Bitmine’s total holdings, equating to approximately 73% and generating an annualized revenue of $264 million.
Describing this milestone as an “unprecedented world record,” Bitmine declared its goal to possess 5% of Ethereum’s total token supply – a target referred to by Lee as “the alchemy of 5%.” Currently, Bitmine’s ETH holdings constitute 4.21% of the ETH supply, indicating it has completed about 84% of this ambitious objective. The company’s comprehensive assets include a $200 million stake in Beast Industries, a $91 million stake in Eightco Holdings (ORBS), and a substantial cash reserve of $940 million, all in addition to its substantial Ethereum holdings.
Although Bitmine experienced a modest 0.27% decline in pre-market trade, reflecting broader market weakness, the company’s ongoing maneuvers within the crypto space continue to attract attention. Lee emphasized the significance of Ethereum’s position, stating, “Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains.” Furthermore, he noted that Ethereum is navigating the “final stages” of what he terms “mini-crypto winter.”
Comparatively, Bitmine’s performance pales against Bitcoin-linked digital asset treasuries like Strategy (MSTR) and Strive (ASST) this year. While BMNR’s stock witnessed a decrease of over 20%, Ethereum’s price plummeted over 22%. In contrast, ASST’s stock climbed over 4% and MSTR’s stock surged 10%, as Bitcoin’s price faced an 11% decline. This juxtaposition highlights varying outcomes and impacts within the evolving digital asset landscape.
Recent developments within Bitmine underscore the company’s aggressive entry into the crypto domain. Striving for Ethereum dominance and asserting itself within the sphere of digital assets indicate Bitmine’s commitment to carving a prominent niche in the ever-evolving crypto market. Meanwhile, the company’s meticulous investment strategies and substantial ETH holdings reflect decisive steps towards achieving its goals of financial growth and strategic expansion.
