Tom Lee said the cryptocurrency market has entered a new bull cycle, citing Bitcoin's move above its 200-day moving average, renewed institutional inflows, accelerating tokenization and the use of digital currencies by AI agents. Bitmine's Ethereum holdings underscore the scale of his conviction: as of Sept. 27, the company held 6,001,302 ETH, equal to 4.9% of Ethereum's 122.1 million-token supply, with crypto, cash and marketable securities totaling $17.2 billion. Bitmine said it was 98% toward its Alchemy of 5% target after accumulating ETH for roughly 15 months. The company held 5.70 million ETH, or 4.7% of supply, at the end of June. Lee has said the bull market began in late June and that institutions remain underweight crypto, potentially leaving room for additional exposure during the final months of 2026. He has also maintained long-term forecasts of $150,000 for Bitcoin and $60,000 for Ethereum, while arguing that tokenization, artificial intelligence, regulatory improvements and digital asset treasury companies could make this cycle structurally different from earlier rallies.