Bitmine Pushes Toward 6 Million ETH as Bull Market Sentiment Grows

The bull market, which Lee believes began in late June, is expected to gain momentum through the final three months of 2026. According to the chairman, Ethereum’s performance this quarter has outpaced other macro assets by 6,519 basis points, a trend he views as a precursor to significant price appreciation in the fourth quarter. Bitmine’s latest acquisition added 27,562 ETH to its reserves, valued at roughly $75 million at current prices.

Institutional demand remains a central pillar of this outlook. While many institutions stayed underweight on crypto earlier this year in favor of AI-related equities, Lee anticipates a substantial shift in allocation before the year ends. Bitmine’s treasury now accounts for more than 4.9% of Ethereum’s circulating supply, putting the company within reach of its stated 5% ownership target. Beyond accumulation, the firm has aggressively utilized its holdings, with over 5.06 million ETH currently staked—representing roughly 85% of its total position. This staking strategy has become a critical revenue driver, with the company projecting annual rewards of up to $421 million as it continues to expand its validator network.