Bitmine announced it acquired 27,562 ether last week, a purchase valued at approximately $75.2 million based on Monday’s market price of $2,727. The acquisition brings the company’s total ether holdings to 5,983,940 ETH, representing roughly 4.9% of the token’s 122.1 million circulating supply. This marks the latest in a series of weekly purchases that began in June 2025, when Bitmine shifted its strategy toward operating as a crypto treasury firm.

Chairman Tom Lee, who also co-founded Fundstrat, stated that institutional investors continue to be underweighted in crypto assets. He suggested that the recent outperformance of AI-related equities may have contributed to this positioning, and anticipated a shift in exposure during the final quarter of 2026. Lee noted that the current gap between Ethereum’s price movement and traditional market benchmarks could prompt fund managers to reassess their allocations.

The company has staked approximately 5 million ETH, equivalent to about 85% of its holdings, and projects annual staking revenue near $357 million at current yield rates. Bitmine’s shares rose 5.8% in pre-market trading, extending a rally that followed a broader increase in ether’s price.

Lee also highlighted tokenization and expanding blockchain applications in artificial intelligence as longer-term factors that may drive institutional adoption. He emphasized that while crypto has underperformed in some institutional portfolios this year, its recent performance trajectory suggests growing interest ahead of potential late-year adjustments.