Original Title: The World's Largest ETH Holder - Tom Lee on Treasuries, Ethereum Dominance, and Wall Street
Original Source: Bankless
Organized and compiled by: Fairy, ChainCatcher
Guest: Tom Lee, Chairman of Bitmine Board
Podcast Date: August 6, 2025
Editor's Note: Ethereum may be approaching its "sovereign narrative moment." Bitmine has purchased 830,000 ETH in just one month, targeting nearly 1% of the global total supply. While most institutions are still observing, it has become the world's largest publicly listed ETH treasury company, driven not only by a bet on asset prices but also by a strategic positioning for the future of financial infrastructure.
This interview features a conversation with Tom Lee, Chairman of Bitmine Board, deeply analyzing Bitmine's grand vision and meticulous execution, exploring Ethereum's key role in financialization, compliant staking, and the AI era. This is not only an insight into digital asset allocation but also a forward-looking interpretation of a new round of institutional cycles and financial ecological transformation.
The following is the dialogue content, compiled and organized by ChainCatcher.
Host: Bitmine currently holds 833,000 ETH, accounting for nearly 1% of the global ETH total supply, making it the largest publicly listed ETH treasury company in the world. How does that feel?
Tom Lee: The pace has indeed been rapid. From the announcement on June 30 to completion on July 8, we quickly acquired a large amount of ETH in just 27 days. MicroStrategy has validated the successful path of the treasury strategy, with its stock price soaring from $13 in August 2020 to the current level, achieving a 30-fold increase; Bitcoin has risen from $11,000 to $120,000, with asset appreciation alone bringing a 20-fold return.
I believe Ethereum is a significant macro trade for the next decade, and we hope to hold as much as possible while the ETH price is still around $3,500, to welcome explosive growth similar to Bitcoin's over the past five years.
Host: After Bitmine announced its ETH treasury strategy, other companies like Joe Lubin's SBET and Sharplink Gaming quickly followed suit, almost simultaneously announcing similar plans. Why did these ETH treasury companies emerge within two weeks?
Tom Lee: Perhaps it's a case of "great minds think alike." Sharplink was one of the first to announce a treasury strategy, publicly revealing its plans as early as May, while we came a bit later.
There are several reasons why Ethereum is suitable as a treasury asset:
First, if you are optimistic about ETH's long-term value, a treasury strategy is more attractive than an ETF because you can continuously buy and hold for the long term.
Second, Ethereum is based on proof of stake (PoS), allowing for over 3% native yield through staking, essentially providing these companies with a stable income source like infrastructure operators.
Finally, scarcity is key. Bitmine aims to hold 5% of the total ETH supply. We have a very clean balance sheet, with daily trading volume of $1.6 billion, making it the 42nd most liquid stock in the U.S. market, comparable to Uber. Yet our market cap is only $4 billion, far below Uber's $184 billion.
Host: You mentioned that Bitmine's goal is to hold 5% of the ETH supply. Are you really planning to reach 5%? What is the execution path?
Tom Lee: MicroStrategy set a goal to hold 1 million Bitcoins, about 5% of the supply, which can be seen as a "sovereign call option," significant for the ecosystem at a strategic level. If the U.S. government wants to establish a Bitcoin reserve, direct market purchases will drive up prices, potentially pushing Bitcoin to $1 million. Holding a large amount of BTC has made MicroStrategy an easier acquisition target.
The logic is similar for ETH. Bitmine is currently net adding 8,000 to 10,000 ETH daily, with an acquisition speed 12 times that of MicroStrategy. If we maintain this pace, we expect to reach the 5% target within 1-2 years.
Our operations are entirely within the U.S., strictly adhering to U.S. laws and regulatory frameworks. Ethereum is currently the most compliant blockchain, meeting Wall Street and government requirements for infrastructure. As asset tokenization rises, the financialization of ETH will continue to increase, just as gamers buy Nvidia stock; in the future, Wall Street will also need to hold ETH and ensure its staking is compliant.
Host: If Wall Street and AI both turn to Ethereum, could there be a scenario similar to a "sovereign call option"?
Tom Lee: It's not impossible, but we are not simply building positions for such a "sovereign option."
Imagine a future where the U.S. promotes on-chain financial systems through legislation (like the hypothetical "Genius Act"), and Ethereum becomes the most important compliant underlying chain, supporting not only the U.S. but potentially being adopted by other countries. In this context, the U.S. would naturally want to have a certain level of dominance over Ethereum.
Moreover, AI and asset tokenization have very high security requirements for underlying chains. Bitmine has a clean balance sheet and a compliant operating model, which will play a key role in staking and other areas. We are about to announce our staking plan and will strictly adhere to U.S. Generally Accepted Accounting Principles (GAAP) and all regulatory requirements.
ETH treasury companies are not only asset holders but also builders of new financial infrastructure, which will bring staking income and other business models in the future.
Host: Bitmine purchased $3 billion worth of ETH in just one month, yet the ETH price has not broken $4,000. Where did these ETH come from? Why hasn't the market shown significant volatility?
Tom Lee: In the short term, the ETH price is influenced by various factors, such as liquidation structures, trading hedges, and even some people still believing Ethereum is a "dead chain" and shorting it. A similar situation occurred with Bitcoin in 2017 when the price hovered around $1,000 before a significant surge. I believe ETH is currently in a similar phase, with Wall Street just beginning to pay real attention to it. In the long term, the fair value of ETH is far above current levels.
Host: Why choose an ETH treasury company instead of a Bitcoin or other asset treasury company?
Tom Lee: I am very optimistic about Bitcoin and believe it has the potential to rise to $1 million or even $1.5 million. However, the two have different positions: Bitcoin is digital gold, focusing on value storage; Ethereum is the foundational chain for finance and AI, with more platform attributes.
For many U.S. institutions, an ETH ETF may not meet fund investment parameters, while a treasury company provides a compliant and efficient alternative. Well-known institutions like Cathie Wood and Bill Miller support Bitmine precisely because it allows them to directly participate in the macro opportunity of ETH.
Additionally, Ethereum's DeFi ecosystem provides more tools for treasury strategies, such as further increasing holdings through staking or on-chain yield strategies, which Bitcoin cannot currently achieve.
Host: Where does the MNAV (Market Net Asset Value) premium come from? Why does it exist?
Tom Lee: The MNAV premium mainly comes from three aspects: yield, growth rate, and liquidity.
Taking Bitmine as an example, if we are viewed by the market as an ETF, the corresponding valuation would be 1 times NAV. However, we earn an annualized 3% yield through staking ETH, which is equivalent to net profit, and at a 20 times price-to-earnings ratio, this alone brings a 0.6 times valuation increase, totaling 1.6 times NAV.
Secondly, there is a "speed premium." We have grown from $4 per share of ETH to $23, far exceeding MicroStrategy's growth pace. MicroStrategy adds about $0.16 worth of Bitcoin daily, achieving a 0.6 times NAV premium; meanwhile, we add $0.8 to $1 daily, nearly 12 times faster, theoretically justifying a higher premium.
Lastly, liquidity. Our daily trading volume is $1.6 billion, second only to MicroStrategy, and this high liquidity naturally brings a valuation premium.
Host: Can this growth rate be sustained? Where does the liquidity come from?
Tom Lee: High liquidity supports high speed. The background of our team and investors is key: Mosaics (a macro hedge fund) led the investment, attracting top institutions like Founders Fund and Stan Druckenmiller. Additionally, I have publicly supported the crypto industry since 2017, which has also strengthened market confidence in our vision.
In 2017, Bitcoin transitioned from a retail asset to an institutional asset; in 2025, Ethereum is experiencing a similar moment.
Host: You mentioned the turning point for Bitcoin in 2017. How do you compare it to the current situation of Ethereum?
Tom Lee: In 2017, our research at Fundstrat found that Bitcoin's price rose from $100 to $1,000, primarily driven by the number of wallets and activity, reflecting a strong network effect. At that time, institutions were almost non-existent, and we faced skepticism and even lost clients, but ultimately Bitcoin rose to $120,000.
Today's Ethereum is in a similar situation: many on Wall Street still harbor doubts, questioning whether it is the "main chain." But the reality is that Ethereum has operated for 10 consecutive years without downtime, with on-chain activity reaching historic highs. Circle's IPO, as well as Coinbase and Robinhood's Layer 2 solutions, are all built on Ethereum.
Wall Street is beginning to realize that Ethereum is becoming the core infrastructure for financialization and tokenization.
Host: What is your outlook on the ETH price for this year or this cycle?
Tom Lee: In the short term, ETH should at least return to last December's $4,000. Based on the ETH/BTC ratio of 0.05 at that time, with the current Bitcoin price, ETH should be around $6,000. Considering the continued buying from other treasury companies and macro factors like the potential for the Federal Reserve to cut interest rates, there is a chance ETH could reach the range of $7,000 to $15,000 by the end of the year.
In the long term, Bitcoin has achieved a hundredfold increase. As a core asset in the era of financialization and AI, ETH may have even greater potential and could surpass Bitcoin.
Host: How do you value ETH? Based on transaction fees, DeFi storage value, or staking demand?**
Tom Lee: It's difficult to accurately predict the fair price of ETH using spreadsheets, just as you cannot precisely forecast the long-term trends of Bitcoin or the S&P 500. Market pricing reflects expectations for the next 5 to 10 years more than current trading data.
ETH is currently severely undervalued. While comparing Bitcoin to "digital gold" and Ethereum to "digital oil" has some reference value, we should not be confined to these models.
Host: Is there a risk of ETH treasury companies overheating? Is there a risk similar to the bursting of the investment trust or GBTC bubble in the 1920s?
Tom Lee: The premise of a bubble is a consensus bullish sentiment in the market, but currently, whether it's ETH or Bitcoin, mainstream sentiment remains cautious or even pessimistic. As long as treasury companies do not abuse leverage, especially by adopting compliant debt structures like MicroStrategy, they will not pose systemic risks.
At this stage, the market is more about "excess skepticism" rather than "excess optimism," which is precisely the soil for price increases.
Host: What are your concerns regarding the macro economy?
Tom Lee: I am concerned about the politicization of institutions, particularly the independence of the Federal Reserve and the Bureau of Labor Statistics (BLS) being questioned. However, the overall economy is actually quite strong, even though many institutional clients mistakenly believe we are in a recession.
For the past 30 years, no one has accurately predicted a recession. Currently, companies are generally cautious, and the ISM index has been below 50 for 29 consecutive months. Similar to the "tariff shock," this has reset market confidence and helps to curb overheating. I believe we are still in the middle of the economic cycle, or even in the early stages.
Host: What is Wall Street's biggest misunderstanding about Ethereum?
Tom Lee: They rely too much on spreadsheets, focusing on details like gas fees and stablecoin trading volumes, resulting in "analysis paralysis."
The real issue is not what the models say, but the lack of a strategic perspective. The value of Ethereum as a compliant blockchain is becoming increasingly important, much like the undervaluation of the S&P 500 in the past. It will become the infrastructure for financialization and the AI era, while current market prices are far below its true potential.
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