On August 2nd, BitMine's new Chairman Lee stated that traditional financial institutions are increasingly buying cryptocurrencies—steadily and quietly. He mentioned that ETH, the native currency of the Ethereum blockchain, is benefiting from "tokenization" driven by Wall Street, due to its advantages in legal clarity and technical reliability. "Ethereum has never gone down. This is important for banks," he said.
BitMine currently holds 625,000 ETH, with total assets close to $2.8 billion and almost no debt. Lee also confirmed a $1 billion stock buyback plan and reiterated the company's goal of "wanting to accumulate 5% of Ethereum's total supply".
Regarding Bitcoin, the current price is $113,576.36 and is also becoming a regular purchase target for institutional investors. Lee believes that if the Federal Reserve's monetary policy shifts—especially if it begins to cut interest rates in the coming months—Bitcoin could surge to $250,000. Lee stated that based on Ethereum network fundamentals, he believes ETH's fair price is $15,000, while the current price is $3,700. He insists that the real story is institutional adoption being severely underestimated.
