Tom Lee: Accumulated 4.21% of ETH Supply in 10 Months, Recently Accelerated Buying Due to Expectation of Market Being in Late Bear Cycle

BlockBeats News, April 27th, Bitmine Chairman Thomas “Tom” Lee stated:

Bitmine's holdings of ETH have exceeded 5 million coins. This marks a significant milestone for the company towards its 5% target of total ETH holdings, a goal that was achieved in just 10 months. Currently, Bitmine's ETH holdings represent 4.21% of the total ETH supply (120.7 million coins).

Over the past four weeks, Bitmine has continued to accelerate its accumulation of ETH, as the company's core thesis is that ETH is currently in the final stages of the "mini cryptocurrency winter."

Multiple recent research reports, including the latest study from Etherealize, have indicated that Ethereum (ETH) serves as a "store of value" and as digital assets become more mainstream in financial transactions, it will be used as collateral. Since the outbreak of the Iran conflict, Ethereum's outstanding performance undeniably demonstrates this new role. Since the start of the conflict, Ethereum has outperformed the S&P 500 by 1696 basis points and remains the top-performing single asset globally (excluding oil prices).

Furthermore, Ethereum continues to benefit from Wall Street's tokenization on the blockchain and the increasing demand for public and neutral blockchains driven by smart contract AI systems, two key bullish factors. We believe that Ethereum's position as the ultimate "wartime store of value" and its continued leadership position since the start of the conflict are of significant importance.