Bitmine’s Tom Lee Declares a Crypto Bull Market Underway, Cites Nearly 6 Million ETH Toward 5% Supply Target

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• Bitmine Immersion Technologies disclosed Chairman Tom Lee’s October 2026 letter to shareholders in an SEC filing dated October 7, 2026, declaring that a major crypto bull market is underway
• The letter says Bitmine has accumulated nearly 6 million ETH as it works toward owning 5% of Ethereum’s total network supply
• Bitmine completed a $350 million stock buyback covering 21 million shares on August 17, and its MAVAN staking operation manages roughly $2 billion generating about $1 million in daily rewards

Bitmine Immersion Technologies filed Chairman Tom Lee’s October 2026 shareholder letter as an exhibit to an 8-K dated October 7, 2026, laying out his thesis that “the crypto bull market is underway and the cycle is likely to be the largest,” pointing to bitcoin crossing its 200-day moving average on August 19 and October 5 marking what he describes as the four-year cycle bottom.

The letter discloses that Bitmine has accumulated nearly 6 million ETH as part of its stated strategy of working toward owning 5% of Ethereum’s total network supply, a target the company has pursued aggressively through 2026 as part of its pivot from bitcoin mining toward an Ethereum treasury and staking model. Lee’s letter notes that ether outperformed the S&P 500 by roughly 6,500 basis points during the third quarter, framing the comparison as evidence that institutional capital is rotating toward digital assets.

Bitmine also disclosed that it completed a $350 million stock buyback covering 21 million shares on August 17, 2026, a capital-return move the company has paired with its ongoing ETH accumulation strategy. The letter further details the scale of Bitmine’s MAVAN staking operation, which it says now manages approximately $2 billion in staked assets and generates roughly $1 million in daily staking rewards for the company.

Lee’s letter includes market commentary citing technical analyst Tom DeMark’s observation that “when a market rallies 100% off the low, it is often an indication of a potential trend reversal,” alongside a reference to Charlie Munger’s maxim that “the big money is not in the buying and selling, but in the waiting.” The letter frames Bitmine’s current stock price of roughly $26 against a projected range of $300 to $1,500 depending on how ether’s price evolves, underscoring the leveraged exposure to ETH that the company’s treasury strategy is designed to provide shareholders.

The filing continues a pattern of detailed, data-heavy shareholder communications from Bitmine since it became one of the most prominent corporate holders of ether, with Lee using the company’s regular disclosures to argue that Ethereum’s role in institutional adoption and tokenization trends still has substantial room to grow even after a volatile year for digital asset prices.