Tom Lee Is Betting Billions on an Ethereum Supercycle — Here’s Why

TLDR

• Bitmine bought 111,942 ETH last week, its biggest purchase of 2026, after prices dropped below $2,200
• The company now holds 5.39 million ETH, worth $12.3 billion in total assets, representing 4.47% of Ethereum’s supply
• Chairman Tom Lee predicts a crypto supercycle driven by Wall Street tokenization and AI agents
• Bitmine has staked 87% of its ETH through its MAVAN platform, generating $276 million in annualized staking revenue
• Bitmine needs around 644,596 more ETH to hit its goal of owning 5% of Ethereum’s circulating supply

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Bitmine Immersion Technologies made its largest Ethereum purchase of 2026 last week, buying 111,942 ETH after the token fell below $2,200. Chairman Tom Lee called the dip an “attractive opportunity.”

Ethereum traded between $2,025 and $2,147 over the past seven days. The token hit an all-time high of $4,946 in August 2025 but has since fallen more than 58%.

Bitmine now holds 5,390,404 ETH, valued at around $2,134 per token. The company also holds 203 Bitcoin and $444 million in cash, bringing its total crypto, cash, and strategic holdings to $12.3 billion.

Chasing the 5% Target

Bitmine’s stated goal is to own 5% of Ethereum’s circulating supply of 120.7 million tokens. Its current holdings represent 4.47% of that supply, putting it about 89% of the way there.

Lee said the company needs roughly 644,596 more ETH to reach its target and expects to get there sometime in 2026.

The company follows a treasury model similar to Michael Saylor’s Strategy, which accumulates Bitcoin. Bitmine had been buying over 100,000 ETH per week for three straight weeks before slowing its pace earlier this month.

Lee continues to predict a crypto supercycle, pointing to Wall Street’s interest in tokenization and AI-powered agents as long-term demand drivers for public blockchains like Ethereum.

Staking Push Through MAVAN

Bitmine has staked 4,712,917 ETH — more than 87% of its holdings — through its MAVAN platform, short for Made in America Validator Network.

The company describes MAVAN as an institutional-grade staking platform. It was originally built for Bitmine’s own treasury but the company plans to open it to institutional investors, custodians, and ecosystem partners.

Annualized staking revenue currently stands at $276 million, based on a 2.75% seven-day yield. Lee said that figure could grow as more ETH is staked through MAVAN and partner networks.

Across the broader Ethereum network, more than 39.2 million ETH is currently staked, representing about 32.19% of the total supply.

Staking infrastructure firm Everstake noted that treasury companies are under pressure to generate yield as simply holding crypto has become less appealing compared to spot ETFs.

Beyond its ETH holdings, Bitmine holds a $200 million position in Beast Industries and a $95 million stake in Eightco Holdings, which offers indirect exposure to OpenAI.

Bitmine moved its listing to the New York Stock Exchange from NYSE American on April 9, 2026. Its shares averaged $572 million in daily trading volume over five sessions through May 22, ranking 193rd among 5,704 U.S.-listed stocks.

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