Bitmine makes a massive purchase of 112k ETH in one week! Tom Lee reiterates the super cycle of cryptocurrencies: Wall Street tokenization combined with AI proxy dual engines

Bitmine bought 112k ETH last week at a price below $2,200, setting the largest single purchase in 2026. Chairman Tom Lee also reiterated that the crypto super cycle is imminent, optimistic about Wall Street tokenization and AI agent-driven dual engines.
(Background summary: Bitmine repurchased nearly 42k ETH! Total holdings expanded to 112k ETH, but paper unrealized losses soared to $6.5 billion.)
(Additional background: Tom Lee confidently states: Ethereum is the "truly neutral blockchain," with a year-end target of $12k, aiming for Bitcoin to reach $250k.)

Table of Contents

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• Bitmine Super Cycle Theory: Dual Engines Driving
• Current Holdings and 5% Target
• Ethereum Staking Ecosystem Hits New Highs
• Cross-Market Comparison: Taiwan ETFs and Tokenization Metaphors

Bitmine Immersion Technologies bought a large amount of 112,942 ETH last week at a price below $2,200, marking the company's largest single transaction since 2026. Chairman Tom Lee said Tuesday that this pullback presents an "attractive entry opportunity" and reaffirmed that a crypto super cycle and Ethereum are approaching.

Ethereum has fluctuated between $2,025 and $2,147 over the past seven days, down more than 58% from the all-time high of $4,946 set in August 2025.

Bitmine Super Cycle Theory: Dual Engines Driving

Tom Lee explicitly stated in an official announcement that the crypto super cycle is driven by two main engines: Wall Street asset tokenization and AI agents. He emphasized, "We continue to steadily increase our ETH holdings; Bitmine now owns nearly 5.4 million ETH."

This theory is not new. Lee has previously accurately predicted Ethereum's "bottom" three times and has publicly called for increased positions during market downturns. His judgment is based on the intersection of macro liquidity expansion (Federal Reserve rate cut cycle) and accelerated tokenization infrastructure development.

Current Holdings and 5% Target

Bitmine is currently the world’s largest Ethereum reserve company. According to the latest data:

• Currently holds about 5.4 million ETH
• Target: 5% of Ethereum’s circulating supply (120.7 million ETH), i.e., over 6 million ETH
• About 645k ETH short of the target
• Over 4.7 million ETH staked, with an expected annualized staking yield of $276 million

Lee states that Bitmine aims to reach 6 million ETH by 2026. This "buy low, hold high" strategy directly copies Michael Saylor’s (formerly BitMine) approach, with Saylor betting on Bitcoin and Lee betting on Ethereum.

Ethereum Staking Ecosystem Hits New Highs

It’s not just Bitmine accumulating. According to Ethereum Validator Queue data, the total staked ETH in the ecosystem has surpassed 39.2 million, about 32.19% of the circulating supply, with another 3.3 million waiting in the queue to be staked. Meanwhile, approximately 234k ETH have exited the queue.

Staking infrastructure provider Everstake released a report Tuesday indicating that Ethereum reserve companies face competition from ETFs and must generate value through staking and other yield strategies; otherwise, the appeal of simply holding assets will continue to diminish.

Cross-Market Comparison: Taiwan ETFs and Tokenization Metaphors

If we interpret Bitmine’s staking strategy in the context of Taiwan, it closely resembles the "dividend yield" logic used by Taiwanese stock investors. In 2025, the dividend yield of Taiwanese electronics stocks generally ranged from 2-4%, while ETH staking annual yields are about 3-5% (fluctuating with the number of validators). The difference is that ETH has capital appreciation potential, whereas Taiwanese dividends are more about stable cash flow.

Another metaphor is that Bitmine’s 5% target is equivalent to holding over 5% of TSMC’s free float in Taiwan stocks (about 476 million shares), requiring nearly 24 million shares. At NT$100 per share, that amounts to NT$2.4 billion. Currently, with an average purchase price of $2,000 per ETH, holding 5.4 million ETH has already used over $1 billion in cash, an astonishing scale.

Whether Tom Lee’s super cycle theory holds depends critically on whether Wall Street tokenization (RWA) and AI agent forces can truly accelerate in the second half of 2026. If staking yields remain at 3-5% and ETH prices stabilize above $2,000, the 6 million ETH target could indeed be achieved within this year.