Bitmine Immersion Technologies (NYSE: BMNR) is buying up plenty of Ethereum (CRYPTO: ETH) every week, and it’s making investors wonder whether a new crypto bull market is playing out in its early innings. Bitmine holds 6,001,302 ETH as of Sept. 27, 2026, or 4.9% of the coin’s total supply, putting it very close to the goal of its chairman, Tom Lee, who aspires to own a full 5%.

According to Lee, a fresh crypto bull market started in late June. If he’s right, a rally could push Bitmine’s stock back to a premium over its crypto, letting it fund far more Ethereum buying. Let’s take a look at what Bitmine is doing and how it factors into the odds of there being a new crypto bull run.

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