Tom Lee’s Bitmine Adds $74M in Ethereum, Stash Nears 4.9% of Supply

The scale is the story: a single corporate treasury approaching 5% of ETH's supply turns Bitmine into a structural holder whose accumulation pace matters more than any one purchase. Lee's bull call is self-interested, given his chairmanship, so the more useful signal is the stated institutional underweighting — that framing positions further corporate buying as the thesis to test. Whether other treasuries follow Bitmine's lead, and whether that concentration invites scrutiny, is the open question.