BitMine Holds Firm on Ethereum Holdings Amid Institutional Accumulation

Tom Lee, chairman of BitMine, a major Ethereum treasury company, has stated that his firm will not sell its Ethereum holdings due to financial necessity. In fact, staking rewards on their ETH stack run at close to $300 million annually, far exceeding the $30-35 million in annual dividend obligations on their 9.5% Series A perpetual preferred stock.

BitMine currently holds 5,846 million ETH, accounting for approximately 4.8% of the total supply, just shy of its target 5%. Lee suggests that this threshold may not be a cap if enterprises begin treating ETH as a long-duration treasury asset.