Tom Lee says that by 2026, they aim to reach 5% of the total supply. With this move, BitMine seems to be treating ETH like a government bond.

BitMine increased its holdings by 26,497 ETH last week, bringing the total holdings to 5,416,901 ETH, accounting for approximately 4.49% of the total Ethereum supply. The company's total crypto assets, cash, and other investments are valued at about $11.6 billion, including approximately $10.85 billion worth of ETH and $446 million in cash. BitMine stated that currently, 4,718,677 ETH have been staked, accounting for over 87% of the total holdings, with an estimated annualized staking income of about $258 million based on current yields. Tom Lee said that the current ETH price has not yet reflected the ongoing improvement in Ethereum's fundamentals, and the company expects to achieve a goal of holding 5% of the total ETH supply by 2026.