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May 11th, Bitmine Chairman Tom Lee stated in a shareholder letter, "Crypto Spring has begun," although current market sentiment remains pessimistic, cryptocurrency asset prices are continuing to strengthen, similar to the characteristics at the early stages of historical cycles.
Tom Lee believes that Ethereum is benefiting from two major long-term trends: firstly, Wall Street's ongoing push to bring real-world assets (RWA) and the financial system onto the blockchain; secondly, the rapidly growing demand for "public, neutral blockchains" from Agentic AI systems. He said that AI agents will need native internet financial infrastructure in the future, and Ethereum is at the core of this trend.
BitMine increased its Ethereum holdings by approximately 26,790 ETH last week. As of May 10, 2026, its total Ethereum holdings reached 5,206,790 ETH, accounting for about 4.31% of the total Ethereum supply.