Tom Lee predicts supercycle amid Bitmine’s largest Ethereum buy in 2026

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Source: Bitmine Bitmine slowed its pace of Ether buys earlier this month after having scooped up over 100,000 ETH a week for three straight weeks. It is the largest Ether treasury company and has consistently bought crypto, even during market downturns, following a business model similar to Michael Saylor's Bitcoin treasury firm Strategy. Bitmine’s goal is to hold 5% of Ether’s circulating supply of 120.7 million tokens. To reach its target of more than 6 million ETH, Bitmine needs about 644,596 ETH, which Lee said will happen sometime this year. Bitmine has staked over $4.7 million of its Ether, according to the company, and expects to generate annualized staking revenues of $276 million. Related: Bitmine’s Tom Lee hints at stock tailwinds after firm considered for Russell 3000 Staking infrastructure provider Everstake said in a report Tuesday that Ether treasury companies are under pressure to generate revenue from staking and other yield strategies as the appeal of public companies just holding the asset has been weakened by interest in spot crypto exchange-traded funds. Across the wider ecosystem, the amount of staked Ether has hit a new high, with more than 39.2 million, or roughly 32.19% of the supply, locked in and another 3.3 million waiting in the wings, according to the Ethereum Validator Queue. At the same time, the exit queue has about 234,368 Ether waiting to leave. Over 39.2 million Ether is currently staked. Source: Ethereum Validator Queue Ether reached an all-time high of $4,946 in August 2025 but has since fallen over 58%. Lee previously argued that Ether’s steep drawdowns may offer a buying opportunity. More on the subject

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