BitMine Chairman Tom Lee highlighted Fundstrat’s study of 17 large-cap stocks above $2 billion in market value, in which BMNR showed the highest correlation with ETH at 80%, ahead of Coinbase’s COIN at 74%, while Strategy’s MSTR led Bitcoin-linked names at 78%. As of Aug. 16, BitMine held about 5.82 million ETH, or 4.8% of supply, plus Bitcoin, cash and other investments valued at $11.4 billion, with most of its Ether staked and weekly purchases continuing since June 30, 2025. Lee expects ETH to outperform Bitcoin this cycle on tokenization and AI demand, citing a rising ETH/BTC ratio, growing real-world asset and stablecoin activity on Ethereum, and July U.S. spot Ethereum ETF inflows of $365 million versus $205 million for Bitcoin funds. BMNR offers equity investors indirect Ethereum exposure but carries company-specific risks beyond spot crypto prices.