Bitmine Boosts Ether Holdings as Tom Lee Blames AI Fears for Crypto Dip

Bitmine Inches Closer to 5% ETH Supply Target

Bitmine, chaired by Fundstrat co-founder Tom Lee, announced Monday that it present holds 6,041,481 ETH, worthy astir $14.5 cardinal astatine a caller ether terms adjacent $2,400. The company’s combined cryptocurrency holdings, cash, marketable securities, and strategical investments full $15.1 billion, down from $16.2 cardinal a week earlier.

The latest acquisition, worthy astir $29.6 cardinal astatine the company’s reported ETH price, follows a nearly identical purchase of 12,532 ETH the erstwhile week. With much than 6 cardinal ETH, BitMine’s latest disclosed acquisition reinforces its presumption arsenic the world’s largest publically traded ether treasury.

Bitmine present controls astir 4.9% of ether’s circulating proviso of 122.1 cardinal tokens, putting it astir 63,500 ETH distant from achieving its stated 5% ownership target. The institution has pursued that extremity since launching its Ethereum treasury strategy connected June 30, 2025, and Lee said precocious that the steadfast plans to cease purchases erstwhile it hits that target.

Beyond Ethereum, Bitmine reported holding $17.6 cardinal worthy of bitcoin, a $180 cardinal investment successful Beast Industries, a $74 cardinal involvement successful Eightco Holdings, and $582 cardinal successful currency and marketable securities.

The institution is besides generating gross done Ethereum staking. As of Oct. 18, Bitmine had staked 5,067,309 ETH, representing astir 84% of its full holdings and valued astatine astir $12 billion. Its staking operations presently make an estimated $309 cardinal successful annualized rewards, with imaginable gross reaching $369 cardinal if its full Ethereum treasury is staked.

AI Fears Are Impacting Crypto Prices, Says Tom Lee

Lee attributed caller weakness successful cryptocurrency markets to declining capitalist appetite for risk, including concerns astir AI spending and safety. The terms of ETH is down 11.5% successful the past 2 weeks, portion bitcoin has fallen 4.4% successful the aforesaid span.

“The hazard appetite of investors contracted successful the past fewer weeks fueled by the worrying operation of AI backing and AI exemplary safety; escalating US-Iran warfare activity; anxiousness successful beforehand of U.S. midterm elections, and mostly rising enslaved yields astir the world,” helium said, successful a statement. “This has triggered a sell-off successful AI stocks including semis and representation stocks, and has further led to sell-offs successful the Korean and Taiwan markets, some of which are dominated by semis and representation stocks.”

“Crypto is wide held successful the U.S., Korea and Taiwan. So naturally, erstwhile investors successful those regions de-risk, this creates spillover pressures successful crypto markets,” helium continued. “In the past, whenever fundamentals stay resilient and strong, portion terms declines, these person historically been charismatic risk/reward opportunities. And fixed crypto’s affirmative vulnerability to some modernizing planetary fiscal strategy rails and to agentic AI, we judge this volition again beryllium to beryllium the case,” continued Lee.

Bitmine remains the second-largest publically traded cryptocurrency treasury institution by reported holdings value, trailing Michael Saylor’s bitcoin-focused Strategy, which holds astir $69.5 cardinal worthy of BTC arsenic of this writing.