Large U.S. banks and asset managers have increased their positions in BitMine, the company associated with Tom Lee and described as the largest corporate holder of Ethereum.

According to available disclosures:

• 11 major banks now hold nearly half of total institutional exposure,
• representing approximately $2.8 billion in equivalent value,
• despite BitMine (BMNR) shares falling 48% in Q4.

The move may indicate:

• continued institutional conviction in Ethereum exposure via corporate treasury models
• strategic accumulation during equity weakness
• positioning ahead of a potential ETH-driven recovery

Companies that hold large crypto reserves often trade as leveraged proxies for the underlying asset. As a result, sharp stock corrections can attract institutions seeking discounted exposure to ETH.

For traders, the key question is whether this reflects smart-money accumulation during distress — or simply long-term portfolio rebalancing.

Either way, institutional participation at scale suggests that Ethereum treasury strategies remain structurally relevant, even amid volatility.