MicroStrategy vs Tom Lee’s BitMine: Who Hits Target First?

MicroStrategy and Tom Lee’s BitMine are racing to corporate crypto milestones, with BitMine currently ahead. BitMine crossed 5.078M ETH (~$11.5B at $2,314) and is ~84% of the way to a target equal to 5% of ETH supply; it stakes 3.7M ETH (~3% yield) producing about $264M annually. MicroStrategy holds 818,334 BTC and remains ~181,666 BTC short of its 1M-BTC goal; recent buys added 3,273 BTC for $255M at ~$77,906, and the firm has a $61.81B BTC cost basis. The article argues institutional accumulation and BitMine’s staking lockup could meaningfully reduce circulating supply — boosting ETH’s price sensitivity and potentially lifting BTC in tight liquidity. BitMine’s shorter financing runway and yield generation make it likelier to hit its target first, suggesting ETH may outperform BTC if more institutions follow. Outcomes depend on both firms’ continued capital access and MicroStrategy’s weekly buy cadence.