I just noticed a pretty interesting market phenomenon. The company Bitmine's Ethereum holdings have reached 4.8 million coins, which, based on the latest market prices, is worth about $10.7 billion, accounting for 3.98% of the total circulating supply. They are still pushing toward a 5% target.

Even more interesting is that this company's stock recently moved from NYSE American to the main board of the New York Stock Exchange, starting trading on NYSE from April 9. It has now become one of the most actively traded stocks in the U.S., with an average daily trading volume approaching $1 billion, ranking among the top 100 traded stocks in the U.S.

Their approach is a bit different from Bitcoin accumulation strategies. Strategy is purely about hoarding Bitcoin, but Bitmine, while accumulating Ether, also runs an institutional-grade staking network called Mavan, with 3.33 million ETH staked inside. The staking position generates an annualized income of $196 million, with a yield of 2.78%, which is a continuous income stream that Strategy’s Bitcoin treasury cannot achieve.

Bitmine’s chairman, Tom Lee, revealed that last week they bought 71,252 ETH, the fastest purchase since late December last year. He views this move as betting that Ethereum is in the "final stage of a mini bear market." Once all 4.8 million ETH are fully staked, the annual staking rewards could reach $282 million.

Tom Lee also presented an interesting argument in the announcement: Ethereum is a "store of value during wartime." He pointed out that since the Iran conflict began, ETH has increased by 6.8%, while the S&P 500 has fallen by 11.3%, and gold has dropped by 18.4%. This comparison is quite convincing.

In terms of investor lineup, ARK Invest, Founders Fund, Pantera, Galaxy Digital, and a well-known trading platform have all participated in funding this company. Currently, Bitmine’s total crypto and cash holdings amount to $11.4 billion, including 1,980 Bitcoin. The whole story is a classic example of institutional investors turning crypto assets into a stock market narrative through accumulation and staking.