Tom Lee Predicts Record Crypto Bull Cycle as Bitmine Adds 12,532 ETH

Market Outlook

Bitmine Chairman Tom Lee said the next crypto bull market could be the largest on record, pointing to tokenization, generational wealth transfers, corporate treasury accumulation, and growing demand linked to AI.

Treasury Update

The company added 12,532 ETH over the past week, bringing its holdings to 6,028,946 ETH, or approximately 4.9% of Ethereum's circulating supply.

Drivers of the Bull Market

Lee argued that younger investors inheriting wealth are likely to have a greater appetite for crypto and equities. He expects that shift to have a larger effect on the coming cycle than it did during the 2019 to 2021 bull market.

Staking Operations

Bitmine is expanding staking operations through its Made in America Validator Network, or MAVAN. The platform, initially developed for its own treasury, now serves institutional investors, custodians and ecosystem partners.

Financial Performance

As of October 11, Bitmine reported $16.2 billion in combined crypto, cash, marketable securities and other investments. That included its ETH holdings, 214 BTC, $612 million in cash and marketable securities, a $180 million stake in Beast Industries and an $85 million stake in Eightco Holdings.

BMNP Perpetual Preferred Stock

Lee also highlighted Bitmine's BMNP perpetual preferred stock, which carries a 9.5% rate. The shares last closed at $99.53, up approximately 24% from their $80 issuance price in June.