Bitmine chairman Tom Lee said Ethereum is better understood as digital land than digital cash, arguing that high-quality assets derive their strength from the ability to store value over the long term. He said investors trust stocks because they believe companies can manage capital over time, while real estate combines value preservation with cash flow through rent. In the same framework, Lee described Ethereum’s value as rooted mainly in its network infrastructure and settlement layer, rather than in the payment and transaction functions associated with cash. Bitmine had increased its Ethereum holdings for 65 consecutive weeks and held 5,901,112 ETH as of August 30, 2026, equivalent to about 4.9% of Ethereum’s total supply.