Key Takeaways
- Bitmine says its Ethereum holdings have passed 6 million ETH, equivalent to about 4.9% of the current supply.
- At $250,000 per ETH, those holdings would have a nominal value of $1.5 trillion.
- Tom Lee discussed that price in July but explicitly declined to adopt it as his own forecast.
Tom Lee’s Bitmine has crossed 6 million Ethereum, putting an extraordinary question back in view for the token’s biggest bulls: what would its treasury be worth under the $250,000 Ethereum scenario Lee discussed with investors?
The scenario, if it is ever achievable, will depend on a transformation far more massive than Bitmine’s buying spree.
Bitmine’s Ethereum Holdings Pass 6 Million
In a September 28 update, Bitmine reported holding 6,001,302 ETH as of September 27.
That represents around 4.9% of the 122.1 million ETH supply cited by the company, bringing it extremely close to its stated goal of acquiring 5%.
Bitmine valued Ethereum at $2,698 in the update, putting its holdings at $16.2 billion.
It said 5,067,309 ETH—about 84% of its holdings—was staked, and that the company also bought 17,362 ETH over the preceding week.
Tom Lee Repeats Bull-Market Call as Bitmine Keeps Buying
Lee used Bitmine’s latest holdings update to repeat his bullish outlook that a crypto bull market began in late June.
He expects institutions, which he believes remain underexposed to crypto, to increase their positions in the final months of 2026.
“We believe a crypto bull market is underway, having started in late June,” Lee said in the release.
He argued this was driven by “a multitude of factors,” including:
- rotation from AI to crypto
- strengthening crypto fundamentals
- 4-year cycle ending
Where Did the $250K Ethereum Scenario Come From?
In his July chairman’s message, Lee discussed a long-term case in which Ethereum becomes a major form of money and a settlement asset for finance.
He connected the $250,000 figure to Etherealize’s research and to Ethereum co-founder Joe Lubin’s earlier argument that ETH could rise 100-fold.
Although he put a slight distance between himself and a precise target: “Where do I land? I don’t know.”
He continued to highlight $250,000 in a slide illustrating what such an ETH price could mean for Bitmine’s shares.
Etherealize’s April paper estimated that gold and Bitcoin held a combined monetary premium of about $31 trillion and proposed that Ethereum could eventually capture that value.
Dividing a comparable sum across the ETH supply produces a price above $250,000.
Using Bitmine’s newly disclosed holdings, 6 million Ethereum multiplied by $250,000 equals $1.5003 trillion.
Tom Lee’s $6,000 Push
In an August Milk Road interview covered by CCN, Lee described a more subdued route to $6,000 ETH.
He explained that to reach it Bitcoin would need to hit $150,000 while the ETH/BTC ratio rises to 0.04.
Lee called the combination “conservative.”
Applied to Bitmine’s latest reported holdings, $6,000 per ETH would produce a value of $36.0 billion, more than double their value at the price used in Monday’s company update.
Will Bitmine Stop at 5%?
Bitmine says it is now 98% of the way toward its goal of holding 5% of Ethereum’s supply.
In July, Lee said Bitmine intended to gradually approach 5% and suggested it avoid accelerating its concentration beyond that level.
He is due to speak at Korea Blockchain Week on September 30, giving investors another opportunity to hear his views on the accumulation strategy now that the threshold is close.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
